Gen Z is rapidly gaining financial power and reshaping the luxury market, with real net worth for U.S. households ages 18–34 up an estimated 170 percent since 2019 and global spending projected to soar from $2.7 trillion in 2024 to $12.6 trillion by 2030, according to Newmark’s recently released report Luxury Retail: Meet Gen Z.
The cohort is outspending older generations on experience-driven categories such as apparel, beauty and travel, and 84 percentof affluent young consumers say an exceptional in-store experience defines true luxury. Their values are also driving shifts in retail, with 65 percent willing to pay more for sustainable products and more than half choosing secondhand over new, fueling the growth of resale and circular business models. Gen Z–led spending gains are concentrated in markets such as Atlanta, Austin, Dallas, Denver, Houston, Los Angeles, Nashville, New Yo
