A study by Bain & Co. found that the demographic shift in luxury spending is well underway with Gen Y and Z driving all of the industry's annual growth in sales last year. The industry's heavy focus on Gen-Z has paid off as the consultancy estimates that luxury buying for this demographic segment has started 3-5 years younger than Millennials.

https://www-cnbc-com.cdn.ampproject.org/c/s/www.cnbc.com/amp/2023/01/17/gen-z-is-driving-luxury-sales-as-wealthy-shoppers-get-younger.html