Gen Z's luxury spending to rise from 4% to 25% by 2030-Boston Consulting Group

Fleur Arbel and Christophe Kairouz, both from France, were lured into Louis Vuitton's New York flagship recently by a colorful sculpture of a monogrammed giraffe and ostrich above the store's entrance. But the two 24-year-olds are more likely to spend their shopping dollars elsewhere, as Louis Vuitton's heavy logos and styles strike them as passé. "I think they failed to keep the luxury image in a way," said Kairouz. "I think they need to create something new, original." Arbel and Kairouz are a tiny fraction of the Gen Z cohort born between 1998 and 2012: the luxury industry's new frontier. The group made up 4 percent of global luxury spending before the pandemic; by 2030, they will account for 25...