The luxury goods market is going from strength to strength as the global economy recovers from its pandemic low. Despite rising everyday prices, some people are lusting after luxe goods – a phenomenon explained by the Veblen effect, whereby they use high prices and exclusivity to signal high status.

As many luxury brands struggled to stay connected to their audiences during the pandemic, Hermès is one company that has been remarkably resilient. The brand hasn’t been bested by the pandemic thanks to some successful innovation within its well-established brand codes.

Bottega Veneta is handing over its global presence – stores, site, and ad spaces – to creative workshops, known as bottegas, across Italy. The move looks set to chime with consumers who are demanding that large corporations acknowledge their roots and represent local communities.

The luxury sector has bounced back in the wake of the pandemic, but with Gen Yers and Zers gaining more economic power, how can high-end brands convert these cohorts into customers? Canvas8 spoke to nine Americans under 40 to understand how they value luxury goods and brands.