Generation Z is reported to have a precocious positive attitude to luxury while, in contrast to previous generations, caring less about status and more about ethics. Therefore, we study the predictors of luxury brand perceptions (the BLI dimensions and brand ethicality) and brand attitude as a consequence of it. We test our model based on survey data on perceptions of three luxury car brands by a sample of 218 Gen Z consumers in Germany. Our findings show that only three of the six proposed antecedents significantly predict luxury brand perceptions. Further, they show that to appeal to Gen Z consumers, luxury brands should focus on conspicuousness, hedonism, quality and ethicality. Overall, our findings call for more research on the evolving nature of luxury perceptions with younger generations.