Generations Y and Z drive growth in luxury market

Only a select group of luxury goods companies are succeeding in luring coveted millennial customers and increasing their profits, according to a report by Bain & Company. “The millennial state of mind has changed the way purchases are made across generations and has pushed luxury brands to redefine what they deliver to customers,” said Claudia D’Arpizio, a partner with Bain and the lead author of the study.