Research estimates that Gen Y and Z will account for almost half of the personal luxury goods market by 2025. But with the rise of logo fatigue, a brand name alone isn't enough to win young people over and brands must find new ways to connect with younger consumers.

Burberry has undergone something of a rebrand, dropping its logo in favour of a new monogram pattern. The luxury fashion brand is attempting to reposition itself for Gen Y and Z audiences, who buy luxury goods in accordance with their own values.

Shoppers are splashing out on wardrobe staples, opting for basics crafted with premium fabrics over flashy showpieces. As priorities shift from flaunting logos to forming a long-lasting, quality wardrobe, basics – think white T-shirts or the perfect pair of jeans – are becoming the new status symbols.

Instagram has crafted a global community of more than 600 million users. By announcing that it'll be launching an standalone shopping app, Instagram is targeting the 98% of Gen Zers who own a smartphone - two-thirds of which are interested in purchasing directly off social media.