The research, conducted by Censuswide in the UK, shows that Gen Z and millennial consumers, who purchase the largest share of luxury items, averaging at 16 and 14 items per year, respectively, are becoming more discerning about their luxury purchases, with around three-quarters (73 percent) of millennials and 64 percent of Gen Z surveyed wanting to invest more in quality purchases that will last. Sustainability also plays a key role in decision-making, with the majority of Gen Z (63 percent) and millennials (62 percent) saying they are willing to pay more for ethically made items. For 62 percent of Gen Z and 68 percent of millennials, luxury is also about the buying experience, as well as the item itself, and for three-quarters of both Gen Z and millennials, they are also willing to pay more for the reputation of the brand, reflecting the importance of trust in their purchasing decisions. Lucy Grant, commercial strategy director at Tink, said in a statement: “Understanding the evolving preferences of Gen Z and millennial shoppers is key for merchants looking to stay ahead in the high ticket and luxury market. “These high-value customers demand more than just a premium product, they expect an exceptional experience, from sustainability and quality, to seamless and secure payments.”