The Collapse of Luxury is Here: 50 Million Customers Walk Away

[@eddieg6436]

I have four Generation Z. nieces and nephews in upscale neighborhoods of L.A. I’ve ASKED them all why they don’t want high end luxury. “Fear of getting ROBBED”, “Not COOL anymore”, and “wastes of money, I’d rather go to Fiji, or Paris”. These are the reasons I hear. 🤷🏼‍♂️🤷🏼‍♂️🤷🏼‍♂️

[@aeiou0123]

Am a millenial. Well off parents. I use more discrete semi-luxury n luxury brands :) or custom tailored clothes n leather. Brands like Reiss and Roberto Coin.

[@laurenredd7255]

Ya my son chose vintage items all around he doesn’t want to look like everybody else.

[@KirstyJuliana]

@@aeiou0123 same! Reiss and Cos have worked wonders for my wardrobe while maintaining quality

[@sandraankenbrand]

Glad to be European...

[@ashleylala4293]

I desired luxury back when luxury was actually desirable and you really got a timeless, high quality, well made product that was worth paying a LITTLE extra for. When I began buying handbags, Coach was about $300 and Gucci was $500. Now it’s probably 10x the price. I don’t even know because I don’t care. They quit making nice stuff years ago. I don’t want tacky, gimmicky, absurdly priced sweatshop goods.

[@miriamhavard7621]

Agree!

[@amberevol]

💯💯💯

[@nikkielaine4998]

And everything has a tacky logo on it too ugh 😣

[@aeiou0123]

@@nikkielaine4998cant stand d logos. Very off putting. I Personally get most of my clothes custom tailored now. I hv 2 seamstresses

[@msauthier]

I think that genZ in general is struggling financially. They work hard, yet they seem to barely be able to afford to live, let alone to splurge. As for the legacy customers, I think that they have been turned off by the loss in exclusivity since social media has completely banalized luxury shopping.

[@Sunshine-hv6mg]

This 👆

[@sialee5926]

Long overdue! These luxury brands are just exceptionally GREEDY, & out of control with their EXORBITANT & UNREALISTIC PRICES.

[@petercorcoran5372]

Affordable luxury is one thing but when the quality is questionable , it’s too much of a compromise

[@bagsandlifestyle]

Your flower pin is vibrant and beautiful 😊

[@Melinda8162]

I have one like it I got at Dollar Tree for Halloween. 😁

[@chillaxinchica]

I agree! It is stunning and I would love to get one!

[@notyourgrannyscloset]

I'm actually surprised to see people are still posting unboxings and shopping hauls from all these luxury brands after they exposed Dior....I am completely turned off since then and don't plan to waste my $ on these brands anymore. I know we all know it don't cost that much to make these handbags, but I didn't know it was THAT BAD! $57 to make those book totes...?!

[@Luxuriousaddicted]

My unboxing ASMR videos are the skincare products from Dior 😅😅😅 I won't and can't afford for those ridiculous expensive and weird designed clothes, as well as the usd65 bag lol

[@joyell821]

Totes, or anything that isn't genuine leather should never be invested in. 😂😂😂

[@mariondewit]

Where these days can you wear luxury goods? Nowhere anymore, the whole world is full of nasty criminals who want to rob you

[@miriamhavard7621]

Yes.......

[@ashleylala4293]

The housing price has skyrocketed. Gen Z probably realizes that if they keep buying $10,000 handbags, they’ll be living in apartments for the rest of their lives.

[@deborahcurtis1385]

They have realised and that's the reason for the vlog episode!

[@Stormstorm1]

Interest rates recently dropped twice but this time next year, the whole country will suffer, except the billionaires, of course.

[@Mimi-LH44]

Well said! I’d rather have a cheap bag that no one will rob off me, with plenty of money; than a so-called luxury bag with no money!! ❤😂

[@shangrilamonkey2008]

China and the asian market has been the biggest market for luxury brand and they have walked back on buying luxury hence the decline of sales. The chinese gov’t has spoken against excess and luxury.

[@monicaangelini3324]

@@shangrilamonkey2008 YES!!!!!

[@raaziabanks2552]

Well said!

[@nikolaasbouman2289]

Luxury is not buying these overpriced low-quality bags!!

[@Yaelchat]

I love this background! Love 💗 the look of your outfit! So sleek and chic 🥰

[@SuperDacob]

Thank you Yaelchat 🥰💖

[@sujeyplans7720]

Dacob, this really resonated with me! I work with Gen Z and they do not aspire to own luxury. They are a generation focused on sustainability. Luxury unfortunately is not a sustainable industry. I also think they are coming into adulthood during very uncertain economic times and luxury is equivalent to frivolous. I also think the generation values experiences over things. As a millennial I grew up on the idea that hard work and drive is all I needed to own a home This generation is not living that reality. Why the heck will a luxury handbag even make sense in their new reality?

[@rheab5216]

gen Z has no money for so huge price hikes.. they are more smarter that now..

[@manuelborchardt1573]

I can see that. I feel embarrassed to wear any of my luxury items even though i got them 15 years ago. I feel cheap and not luxury as too many people wear those brands. Only items i still wear is Hermes and Bottega . Everything else are just collecting dust in my closet

[@bLAH829]

@@manuelborchardt1573 dang 15 years yeah I would feel cheap too! You gotta change it up.

[@deborahcurtis1385]

I still wear my dome shaped Celine monogram and black Gucci hobo, but each of these are discreet with the logos. my others are relatively unknown.

[@ashleylala4293]

Lol same. Luxury quit being luxury when a billion Chinese people started buying it.

[@Iquey]

Get them out and wear them or sell em! Otherwise the poor things will become moth food.

[@Stormstorm1]

Asians run the game now and have cheapned it for everyone! Smh

[@Slivings911]

I love your giant magenta dahlia buttoniere on your black tuxedo jacket. You look elegant.

[@a.f.365]

Not only are the prices outrageous, but the quality of designer clothing has gone down! Bad fabric. not worth it. Have to go vintage if you want good fabric and it photographs so much better than this AI made weird material.

[@teoleno4019]

Maybe stop catering to gen Z. I am so sick of seeing all of these 20 something year old kpop stars wearing Chanel and other luxury brands. It looks weird since most people that age can't afford it.

[@deborahcurtis1385]

Yes Gucci made it cool, but that was another era.

[@seabreeze4559]

Pop singers shouldn't be wearing elegant stuff, it makes it trendy and passe.

[@1bush053]

You're very intelligent and provide a lot more then just discussing fashion and perfumes. I think you studied history somewhere in your life.

[@laurapatrick9291]

I’ve been purchasing LV for a long time! They’ve forgotten about me as a client- I want functional totes with pockets, zippers, outside pockets etc. Their style is for the young, a bit too dressy shoulder bags, it all got too heavy & WAY too expensive! Come on it’s mostly vinyl- not worth 4000$

[@ladysusanjane2682]

Loving your living room backdrop 😂

[@DaniOchannel]

People talk more openly about personal finance now, which is a good thing. So the young ones are more savvy with their money. It’s not too late for us dinosaurs, Dacob! Don’t give up 💪

[@antoa5825]

I live in NYC and was recently in a cafe with a ton of Gen Zers, they are going for understated brands like Longchamp and Coach. I also saw a girl with a generic looking tote that she had flipped inside out (like the LV Neverfull that's currently being advertised). Gen Z is creative and wants quality over brand names.

[@Chessica450-m3d]

@@antoa5825 THIS!!! I go luxury thrifting!!! Thrift in rich neighborhoods...I find quality things all the time

[@SuMMeRFLi5]

Ohh this backdrop and aesthetic is soo enchanting! Love it!! 🖤

[@SuperDacob]

Thank you 🩷

[@casadechris923]

I’m based in Asia, come on to Seoul or Bangkok and pop over to high end malls and you see the line of people who want to go into a store. First you need to register online and need to present your credit card where the stores will check your credit history. One staff per customer and we would never imagine any type of theft or “ window shopping”. You can’t go into a Dior or Hermès shop and say “I’m just browsing”.

[@Luxuriousaddicted]

This virtual background is better than last chanel breaking news video. I think all the Luxury brands should do a mega sales at the end of the year to appreciate their customers, every year or like black Friday etc

[@paulis5531]

The forecast for the near future is an economic downturn and lux may be on hold.

[@Stormstorm1]

It's going to be bad, and unfortunately, Americans will suffer at the hands of billionaires.

[@annakatharinasponagel4630]

you are killing it!!! love all the thoughts and insights. what a pleasure to listen to!

[@SuperDacob]

Thank you Annakatharina 🥰💖

[@mariap6438]

I believe this decline is due to the reputation of luxury brands getting worse over the recent years plus the insane price increase with the drop of quality. With access to information the younger generation don't see that much value in buying luxury goods. Think about the Dior sweatshop scandal, lower quality of Chanel, Balenciaga crazy story, plus Chanel overpriced advent calendar with samples and so on. Luxury brands tried to appeal to gen Z by heavily investing in K-pop brand ambassadors, and it looks like it works. Look at the success of Blackpink girls partnerships and how they made big luxury brands relevant again. However, it only has a temporary effect, since the K-pop fans are only loyal to their K-pop idol and not the luxury brand they are sponsored by. Since many luxury brands send out their latest bags to too many influencers they loose its appeal. When you see everyone on Instagram wearing and pushing onto you the same designer bag, it creates the opposite effect. With younger generations not being able to access the housing market, why would we be buying Chanel and Hermes instead. With the current economic situation the trend is to shop for second-hand luxury which has better quality, price, and is more sustainable

[@Giannas1096]

Well said Dacob 👏🏻👏🏻 The primary concern for Gen Z is to get into the property market. I’m proud to say that my children have done that and haven’t fallen into the “luxury” trap. However, they do enjoy items of excellent craftsmanship without the ridiculous luxury price tag.

[@JUSTSAYING-dg4hu]

Gen Z has been beating millennials into property because their parents help them into it lol not because Millennials are into luxury.

[@sandraankenbrand]

Gen Z is young... Millennials were lucky to earn fairly high when they were young, but all générations before were only able to afford that when hitting their 40s. In Europe people were partially lucky enough to take over furniture, flatware etc. of the family, so you had the money to buy fashion in Outlets (the yearly Italy Vacation included getting new clothes eg at BV, LP or alike) and some inherited a Birkin at a younger age

[@Jason-ml3vs]

Gen Z has no attention span. They buy things at Zara and H&M and wear or use it 2-3 times and on to the next thing. They have no interest in spending 2-3 months wages on a purse.

[@Vicky-Blue]

Bro single-handedly destroys the luxury industry

[@juliakrxstina]

I'm Gen Z and I'm just interested to see what people are saying in the comments 👀

[@zemimsky]

I'm in the midst of going back home, to Romania, where I have in fact, inherited a House, a property (with like 3 yards in the back, one for live stock, one for vegetables and a vineyard), with an agricultural patch of land and a fucking woodland (forest) to my name, left behind for me (and my sister who stays here in Canada) by my Mother who purchased this with the money she made and saved through hard work. My grandfather (on my mother's side - but probably on my father's side too) was (were) incredibly adamant and rooted into this thing of leaving land and property behind for the following generations. And here i am - about to take ownership and make it better and more grandiose for the next one to follow. And No, i don't shop luxury. No interest what so ever. If the end of the world comes, my backyard land where I can make vegetables and survive has more value than a bag who's only worth and value is determined by a consumerism status based society.

[@seabreeze4559]

^highly wise

[@zemimsky]

@@seabreeze4559 Thank you :D

[@Foudedanse]

You look amazing❤. My genz er will be happy to take my luxury hand me downs but has no desire to buy for herself. Im genx and will stop buying luxury for a bit because I have some concerns about the economy.

[@joyell821]

I love my hand me downs. I have a pair of Gucci boots my Aunt gave me and I get so many compliments on them.

[@mscoffeeandcream]

SUCH a relevant and intelligent discussion!!!

[@natadida]

Oh, that dahlia... Oh, that black suit... Looking gorgeous, Dacob! ❤💜🖤

[@SuperDacob]

Thank you Natadida 🥹🥹💖

[@Phoebe_Marie_and_Daisy_too]

Back in "the days," we looked through pages and pages of magazines: Elle, Cosmopolitan, Glamour, etc, and go to the movies, to see what the models and movie stars (read: the looks of the times, such as disco wear and makeup, Madonna, new wave, MTV, etc) were wearing (read: before the internet) and to see the colors and styles of the season, to try to look stylish. We couldn't necessarily own a Chanel coat or Tod's bag, but we could hope to either replicate the look or obtain said items one day. The issue of today is HOW to reach out to the younger generation with immediate access of information, and does it still work the same way (or does the younger generation prefer comfort, ie to wear pajamas and exercise wear)? Why not a smaller item, such as a lip gloss or perfume, as a start? Is it still a necessity to make one feel good (or grown up), just like what to work with the previous generations? It's working for the people who follow Taylor Swift, for example (red lipstick, cowboy boots, etc)... my 8 yrold granddaughter is a "Swiftie." It still seems like preference of who one follows (to aspire to). IDK ... only time will tell!

[@ruelongcha]

as a genz, buying pre-loved is huge in my generation. idk anyone irl who doesn’t thrift (i say irl bc ofc you have the influencers who do $1000 zara hauls). i do very occasionally buy a classic luxury bag in store such as the traditional lv canvas pieces (which as thankfully still under $2k for the most part). but ready to wear? 100% thrifted

[@deborahcurtis1385]

I nearly bought an authentic, new Balmain tote for $300 but didn't move quickly enough ..its retail price was ten times higher! $3k! It is 40 cm and a good size but I would need to do a colour change. Too much trouble and then you have the loud logo to contend with....

[@mugleruser]

As a Gen Z my problem is the quality. I can understand high prices for well-made goods but Chanel can't keep increasing their prices every year when the bag is falling apart. I rather use that money to see the world.

[@applenotrhubarb479]

Loved the bit about generational wealth. What was the video you referred to regarding 4000 people it’s taken to create a person..,

[@Iquey]

I've been too shy to use my Burberry scarf I bought in like 2017... But I took it out of the tube and put it in my scarf rack behind my door. Equalizing the luxury among the rest of my wardrobe, so I can get use out of my nice items they deserve.

[@Beeeer1996]

People better think back to them high school days and make it work!!! 😂😂😂 remember the mall??? Them little.lip glosses for 3 bucks? Make it work!!!😂

[@AF-uk5ug]

No one has the money and luxury is not that important!

[@roseg1333]

Yes I agree Dior is doing very well with their perfume, make up, and skin care they are really trying too. They offer games, prizes, AMAZING gift with purchase and birthday gifts and anniversary gifts if you are top tier. I really love Dior beauty more than their bags and clothes 😍😍🫶🏼

[@janetraats7380]

I never expected a Snowpiercer reference in a luxury video so I had to subscribe. Late boomer here in my declutter era and unlikely to feel the compulsion to purchase a non functional bag costing more than a car, but the whole culture fascinates me. I enjoy your take on it.

[@deborahcurtis1385]

Yes and I can't understand the fascination with bags too small to be functional. Nobody cares!

[@funtimefranky]

The in thing with gen z right now is to thrift clothes. I remember the days when Abercrombie and Hollister were all the rage, but right now, grandma’s closet is the place to go. Over priced, high end goods are way off trend.

[@Slivings911]

Love this video. Gen Z will figure it out. They already are, I have no doubt. Just turn the marketing media off.

[@EduardoHenrique-nd1ro]

Another great video, Dacob! Thanks for sharing! Cheers from Brazil!

[@SuperDacob]

Thank you so much Eduardo 💖🥰

[@kaunas88]

I think that folks are getting tired of the overpriced poor quality mania of these very expensive logo brands.

[@MadamoftheCatHouse]

I just buy my stuff pre owned from Poshmark. This is not an edorsement.

[@Sewingtrue100]

The social media is showing how these brands are made. Social media is showing people making product that is just as good as the luxury brands. Japan has been showing possibilities of how young people want their own identities and change, recycle or create luxury items.

[@mercedesvelasquez8781]

My youngest sister is Gen Z she is 25 and she best prefers the Coach brand because they make good quality purses & wallets and the bonus part this brand doesn't charge stupid high prices unlike other specfic brand. Coach serves luxury & quality at a fantastic reasonable fair price point but end of the day also nothing wrong with dupes as long as you buy quality dupes because nothing worse then buying a dupe that will fall apart..

[@lizettedufour3684]

I bought a leather purse at Winners for $100 about 3 yrs ago use it everyday and t still looks new. Luxury doesn't have to be a brand name...a name you pay for not the item!

[@hideoussails1783]

I'm attracted to quality and style more than labels. A birkin bag would be wonderful if it wasn't so fugly

[@seabreeze4559]

foot in the door technique

[@CMcG53]

My friend ordered a perfume set from LV and when the box arrived in the mail it was completely sealed however the box was completely empty ☠️

[@jbell6852]

Employees of the shipper likely are culprit.

[@VADACHE]

All of the luxury houses has to be punished. They think they are gods of fashion shit no.

[@Tenzin62]

Coach has definitely changed its direction and target the younger market, rather than the middle aged. The Birkin brand might have been killed by its celebrity following. I think some old customers don’t like that connection.

[@kaunas88]

It is not luxury; it is simply an overpriced logo.

[@seabreeze4559]

designer =/= luxury yep

[@carlahaiduk1878]

My friends enjoy perfume. Chanel perfume, designer brand perfume. They would be absolutely chocked to see a designer bag. I'd be judged as very stupid to pay the money they ask for a designer bag. I live in Brazil. In my circle designer goods are considered very tacky.

[@natatattful]

Love your videos, thank you!

[@SuperDacob]

Thank you 💖

[@reaganenglish]

Love you Dacob !

[@witchingbrew3]

I think we're going to see a rise of Vivienne Westwood. I just have this feeling...

[@Circephillips-lu3fm]

In coming to this video I was interrupted by a fendi commercial.

[@Boahemaa]

Every decade this article is republished. Its the pandemic now, for millennials it was the financial crush. For boomers it was Vietnam🙄

[@luxlifeisgood]

I love the backdrop and your outfit!

[@DebShops-e3v]

Hey Dacob…OMG luv the flower pin. So glad you are feeling better…I was about to put an SOS out on you and was happy to see you live stream the other day. Everytime I go into Hermes most of the people are my age they are looking 40 plus for the most part. Gen Z has no money and are in debt. Gen Z is all the influencers …not a bunch of influencer my age…these Lux brands still do not get it. My niece is a Gen Z.er…masters degree, at 28, six figure salary with a large corp….and she bought only one LV bag…and prefers GANNI and brands in that category. These brands still do not get it. “Affordable Luxury” isn’t that interesting..so are they going to lower there prices?…….I just can not any more …and with this new administration coming to DC…people think we were in a recession before? Tax cuts, Tarrifs, equals a blown up deficit and inflation. The stock market is over valued…I’m taking Warren Buffets lead and going into T-bills and dropping my stock market position down to only 25% of my portfolio…its time to hoard the cash people…do not waste it on luxury goods unless you don’t need the money now and will not need it in the future. Also pay off that credit card debt…..if you can not pay cash for your beloved lux items then really we can not afford them. I’m not sure Gen Z will fall for this Ike we did. I never thrifted even thought about second hand when I was in my 20’s and 30’s but these young ones love to thrift and buy second hand so I do not think it will work. Besides…there aren’t as many of them like us boomers. So they better cut production as the boomers start to move onto their greater glory. Sorry for the novel,😁

[@Mmmkay9]

Lucy Liu didnt pay for the Birkin in that show. Samantha just used her name so that she will be able to go to the top of the list to purchase it for herself. Also the pasta in the face is from a diff episode, an anoying child threw it to her :)

[@antoa5825]

But Lucy Liu found out and Samantha had to give it to her, then she got fired.

[@Mmmkay9]

@antoa5825 it was not discussed if Lucy Liu paid the money back to Samantha tho...

[@mscourtney616]

I thoroughly enjoyed this thought-provoking video ! It was excellent! Thank you for sharing! ❤

[@0PaperMoshe]

I needed to hear this today. Can’t deny the allure of luxury but it really is ridiculous how much money they charge for the perceived social value. Like I could buy one bag, or I could get three or four bags from mid range brands of equal quality and have some leftovers still. Sometimes they do have cool innovative designs, but also a lot of basic silhouettes

[@StephsAdventuresAndFabFinds]

Missed u luv ❤ ya ny SA is in therapy. Selling my collection & going minimalist. I’m woke.

[@ShortOrderCook]

Enjoyed your commentary. Thankyou!

[@SuperDacob]

Thank you ShortOrderCook 💖

[@Sewingtrue100]

When covid was in full force, a lot of people dumped a lot of semi luxury watches thinking that it would make them income. I watched about five thousand items on eBay become about eight thousand watches. I was able to get some fossil watches for about ten pounds each. So much of this stuff is overvalued to the extent of there been so much stuff. People thought it had resale value, but it seems that there is not the buyers to keep that going.

[@seabreeze4559]

Do you mean the FIRE movement? A lot of Boomers are SKIing though or Spending the Kids Inheritance, like, ON PURPOSE?

[@gen_o]

Dacob, just the gospel that we need to hear! 😊

[@NakedEyes-lm3bj]

Rewatching Beautiful background ❤❤❤ I got some makeup from Chanel this weekend.

[@Shay-ShayTV]

Love your beautiful blazer and gorgeous flower broach! Your ‘fit looks great against your background.

[@marinapeneva8451]

They will always find a way to get our money, whether it's handbags or just being able to afford utilities 😢 Not sure how the little guy can win...

[@fleurbeckwith9280]

Love how you have moved to your castle. Sweet.

[@ashleylala4293]

Loving this gothic background! 😍

[@FilleDesSoucoupesVolantes]

What a lovely podcast Super Dacob!! Akin to a university lecture in its ethics, background research and articulation. Your message is exceedingly important for Gen X and Gen Z and for our generation too, that have spend countless thousands on luxury and have (finally) finished putting their down payment on their dream property in their early fourties! Listen to Super Dacob and stop giving your money to luxury producers!!!

[@sheilabloom6735]

I have bags that are not designer bags that are beautifully made with extras such as key rings, generous products and last forever. I gave away my Chanels, Gucci and LV bags.

[@RaqReviews]

Great topic as always ❤

[@chillaxinchica]

That outfit is fire Dacob! You are giving all the looks!😍

[@GabiDeMetz]

“Sabrina Carpenter? Really??” 😂😂 I LOVE YOU DACOB 😝

[@adayinmyworld]

Beautiful flower 🤌🏽👌🏾👌🏾👌🏾🫶🏽

[@JUSTSAYING-dg4hu]

Ooooo Dacobbbb you cooking in that last bit!

[@NotMyGumDropButtons.444]

4:14 this seems to run contrary to the idea that everyone is selling that luxury brands are for poor people in the middle class. I don’t know man I just work here.

[@jillleonard3212]

These luxury brands have the same marketing plan as drug dealers. Give a freebie or less expensive baggie to get them hooked. People need to learn about what luxury is suppose to be, well made, high quality not the crap being made right now, looking at you chanel.

[@hideoussails1783]

You know that luxury brands aren't very luxury if they destroy their products that they don't sell

[@DIYTRUTH]

Wow, why is that room giving garlic vibes Gen Z wants to be gifted luxury, not necessarily buy it....ask my son....lol

[@panjusu]

I still see a lot of customer still buying luxary items esp from resellers.

[@milicaroo]

You are so elegant! Niice !

[@patriciavandevelde5469]

In brussels,antwerpen i need a uber drive 20 euros to go to a bar,where some guys from ? Will watch me,follow me! I ll spend 60 euros to get myself in trouble!

[@caitlinelizabeth7808]

I am curious if there are any studies of Gen Z spending on cosmetic and plastic surgery procedures/ if increases in spending in that area have impacted the luxury sector. When I was in high school, ‘The Hills’ was super popular …everyone FREAKED OUT when Heidi got some work done. Now, EVERY young influencer has stuff done and it is a lot more prevalent.

[@seabreeze4559]

quiet plastic surgery is the name of the trend

[@caitlinelizabeth7808]

These consulting agencies should not specify their brand strategy 😂 sheeesh

[@Luxuriousaddicted]

I don't understand, we work so hard, why can't we spend our money on what we like or love? If don't buy this don't buy that then what's the meaning or value of our money? I think let's put it this way, just spend your money wisely, based on your ability, your bank balance, if you're super rich, then go ahead and buy those luxury items, if you're not rich, buy something else that is cheaper. Nobody force you, of course those ads and many other factors are trying to brain washed you too, but at the end, is our choice to make.