This will only make it harder for luxury brands to connect with them in the coming year. YNAP also has similar partnerships with other competing luxury brands which may go by the wayside in the near future. A recent Ipsos study found that 81% of modern luxury consumers believe the definition of luxury is rapidly changing, a fact that should be abundantly clear to luxury brands. HENRYs’ new ideas about luxury will require fundamental shifts in what luxury brands sell and how they sell it. Gucci is on it, but other luxury brands may remain entrenched in their more traditional ideas of luxury.

Source: Forbes December 18, 2018 09:22 UTC