Luxury sneakers might be step too far for cash-strapped Gen ZBy Casey Hall and Mimosa Spencer / Reuters, SHANGHAI and PARISFrom US$300 bucket hats to US$900 sneakers and US$700 T-shirts, the high-flying luxury sector is fretting over the appetite among financially stretched Gen Z consumers for such “aspirational” purchases. This shift to focus on core luxury consumers also encompasses a cohort of wealthy Gen Z consumers less likely to be affected by inflation or unemployment. Brands such as Burberry have already reported weakness in sales of sneakers and slides, products Gen Z and millennial consumers have traditionally used as their entree into the world of luxury brands. Luxury branded mobile phone cases, earrings, hair clips and perfumes are all popular among her Gen Z peers in China, Yi said. If they do find the right offering of entry-level products, or if the economic situation of Gen Z consumers improves, the desire for luxury products remains undimmed.
