It’s certainly a strange time to be discussing the luxury market. With record unemployment, economic contractions and a worldwide pandemic on our hands, it’s hard to imagine many consumers using their disposable income on luxury products. However, Generation Z (who are predicted to be 10-15% of total luxury consumers by 2025 according to Bain and Co.) is using this time to exert their influence on what exactly it means to be a luxury brand.
Liz Toney and Larry Milstein are the co-founders of PRZM, a Gen Z consultancy focused on community and marketing. Liz and Larry are well-versed in the luxury and heritage market, having worked with brands like American Express, Sotheby’s and American Ballet Theater since founding PRZM a little over a year ago. In this episode, we discuss how Gen Z is reshaping the luxury market, what it really means to be a luxury brand, and how Gen Z’s interest in luxury goods has created a booming secondhand market.