Luxury Marketers Might Be Missing a Huge Opportunity Right Now

Gen Z has been hard hit by Covid-19, but they’re still buying upscale goods—and they want to see ads

With the country now experiencing unemployment nearing levels last seen in the Great Depression and with 70% of adults reporting that they’re stressed over the state of the economy, it’s little surprise that Americans are not racing to buy Rolex Submariners and Goyard Saint-Louis Claire tote bags just now. A recent report by consultancy Bain & Co. predicted that the luxury market could shrink by as much as 35% for the year, while sales of personal luxury goods may plummet by 60% for the second quarter.