These are the luxury brands most valued by millennials

Luxury brands have evolved to stay relevant and appealing to younger consumers, especially millennials. In 2023, several brands stand out for their popularity and value in the luxury market. Below are some of the most valued and sought-after luxury brands by millennials this year:

1. Porsche

• With a brand value of $36.8 billion. It has maintained brand leadership for six consecutive years.
• Additionally, the brand has been recognized for its modern luxury strategy, combining exceptional products with a highly personalized customer experience. Porsche has expanded its product portfolio with new sports car concepts and focused on limited editions and its Sonderwunsch program, which allows customers to participate in the design of highly customized cars.

2. Louis Vuitton and Chanel

• Louis Vuitton and Chanel also rank among the most valued brands, with brand values of $26.3 billion and $19.4 billion, respectively.
• Chanel, in particular, has reported excellent financial results and maintains a high familiarity rate, especially in Saudi Arabia, Malaysia, and Italy. The brand also has one of the highest consideration rates among luxury clothing brands.

3. Gucci:

• Gucci is one of the most iconic and prominent brands in the world of luxury fashion in 2023, always at the forefront of innovation and design.

4. Balenciaga:

• Although Balenciaga has decreased in popularity compared to the previous year, it remains one of the relevant luxury brands in 2023.

5. Lamborghini:

• Lamborghini has been named the fastest-growing luxury and premium brand in 2023, with a 123% increase in brand value to $4.1 billion. The brand has strengthened its position, especially in the Asia-Pacific and North America regions, and reported sales exceeding 2 billion euros, its best financial result ever.

In addition, a crucial aspect that has gained importance in the luxury sector is sustainability. Consumers, including millennials, are increasingly interested in how luxury brands are addressing social and environmental responsibility issues.

Luxury brands are adapting their strategies to align with the values and expectations of millennials, incorporating sustainable practices and collaborating with other designers and artists to stay relevant and appealing to this important demographic segment.