“By 2030, younger generations (Generations Y, Z, and Alpha) will become the biggest buyers of luxury by far, representing 80 percent of global purchases.”

According to a report from Bain & Company, Generation Y, also known as millennials, and Generation Z accounted for all of the luxury market’s growth last year, with the trend expected to continue. Read highlights from the report in the CNBC article, “Gen Z is Driving Luxury Sales as Wealthy Shoppers Get Younger.”