Young parents are becoming the face of luxury in America.

• YouGov released a report on Americans’ desire for luxury goods despite concerns about inflation.
• Future luxury buyers are young parents with disposable income and optimism.
• Respondents said they would be more likely to purchase luxury goods in 2024 than in 2021.

Young parents are becoming the face of luxury in the United States.

A report released this month by YouGov, a market research company, explored Americans’ thirst for luxury products and brands. The research and data analytics company pulled data from its YouGov profiles – which include more than 27 million global panel members – and its YouGov Brand Index.

“Demand for luxury goods continues to skyrocket despite inflationary fluctuations,” Chris Melchiorre, senior vice president of YouGov America, said in a statement. “As more Americans purchase or consider purchasing luxury products, luxury brands need a comprehensive understanding of their evolving and expanding customer segments.”

In fact, the report reveals that in 2024, more respondents are likely to purchase a luxury product in the next 12 months than in 2021.

While the majority of the report discusses luxury consumption trends between 2021 and 2024, it also focuses on future luxury buyers, defined as Americans who say they will purchase luxury goods in the coming years. Next 12 months.

“Americans likely to purchase luxury goods in the next 12 months are more likely than the general population to be ages 25 to 34, parents, and financially optimistic,” YouGov found.

According to the report, 32% of future luxury buyers are between 25 and 34 years old.

The report also reveals that 47% of prospective luxury buyers are parents or guardians, and 26% have at least $5,000 in disposable household income. This cohort of future luxury buyers is also optimistic, with 53% expecting their housing situation to improve over the next 12 months.

When it comes to which brands future luxury buyers are turning to, the report ranks Gucci first, with 36% of this cohort indicating they are considering purchasing an item. Gucci is followed by Rolex, Dior, Tiffany & Co. and Louis Vuitton.

The news comes as economists and investors express concerns about the U.S. economy. Business Insider reported this month that the country’s rising cost of debt could lead to a worrying decline, including higher inflation and lower quality of life. Bank of America said the federal debt reached $34 trillion last January, and one estimate finds the United States will accumulate an additional $1 trillion in debt every 100 days.

Despite current economic concerns, the YouGov report finds that American luxury buyers are not avoiding high prices.

According to the report, 57% of luxury buyers spent up to $999.99 on luxury goods in 2023, while 30% spent between $1,000 and $9,999.99.

Only 3% spent more than $100,000 last year.