Gen Y and Z accounted for all of the luxury market's growth in 2022, per a Bain & Company report. Younger generations are set to become the largest buyers of luxury goods by 2030, the report says.

"Zalpha" describes anyone born after 1996. That means it contains all of Gen Z, whose members are born from 1996 to 2012, and Gen Alpha, which spans the birth years 2013 to 2025.

Gen Z is also known for a general awareness of social justice and political issues. Gen Alpha Gen Alpha is the youngest generation to date, encompassing those born from 2011 to 2024.

As Generation Z enters the workforce in a serious way — and Gen Alpha gets set to join them — the lexicon surrounding money and wealth, as well as the appearance of both, has drastically shifted.