Your new post is loading...
They are grappling with high debt loads, have limited purchasing power,
their impact on current luxury sales is not that significant, etc. We might
always argue about the numbers, but we cannot argue about one thing:
Millennials have thoroughly redefined the term luxury. This free-thinking,
individualistic generation have one thing in common - a disruptive mindset
that values experiences over tangible items. They are all about putting a
premium on experiences and finding opportunities to post a shareworthy
story. With their connected life, Internet of Things (IoT), the functional
and purposeful motivation of purchases, they increasingly transform the
concept of luxury. Unique experience is the top driver for deciding whether
or not, and how to make future purchases. Surprise effect, authenticity
functionality and radical transparency also stay at the forefront of their
list. Both generations will exercise oversized influence on society and
luxury brands should start preparing now to engage the luxury customers of
the future.
