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

Despite the pandemic, over half of young twentysomethings say they're going ahead with luxury purchases. Getty Images

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.

@UpperEastRob Robert Klara is a senior editor, brands at Adweek, where he specializes in covering the evolution and impact of brands.