How do Millennials view Luxury? We wanted to know. So we launched a study on our platform, and the responses we received were illuminating, capturing the sophistication of this generation and the tech world they know deeply. In many ways, Millennials haven’t redefined Luxury, they’ve expanded the experience.
To understand how Millennials define Luxury versus previous generations.
National US sample
Ages 19 – 30
Even Male/Female ratio
HH income > national average
1/3rd had HH incomes > $100,000
Mix of ethnicities
How the process works
Modern, Millennial Luxury or “My Luxury”
Technology (especially smartphones) changed the Luxury game in 3 ways:
1. From limited access to inclusive & always available.
2. From narrow definition to more expansive, more sophisticated notion.
3. rom static, offline products to digitally-connected, ever-evolving experiences.
From limited access to inclusive & always available:
From narrow definition to more expansive, more sophisticated notion:
From static, offline products to digitally connected, ever-evolving experiences
At the end of the day: Millennials are investing heavily in “making things their own” to have enriched experiences.
These enriched experiences are so embedded into their lives that Millennials now have an “Expectation of Luxury”