Luxury Brand Marketing to Wealthy Millennials is a new survey that aims to study the way the luxury industry is growing today. When one takes a look at the study, it provides profound insight into the way luxury is studied, understood and explained by high networth people. In fact, statistics reveal that High net-worth consumers 35 years of age and younger are more loyal to brands than the older ones.
“Generation Y” individuals born in 1975 and later would have made some luxury purchase as well. However, their older counterparts still frowned upon spending lavishly, and that may reveal the trends that the age difference has caused. Apple is the top brand after Rolex, Coach and BMW. In fact, luxury is now defined in 16 categories, and that might be an important point to understand. If you are a student of luxury and are trying to understand how the market works, you might want to take a look at this study and probably even read through it several times to understand its profound significance which may not be understood by many.
Milton Pedraza, CEO of the Luxury Institute reveals that younger generation depend more on the experience with a particular luxury brand than heritage and history of a company. For instance, an older person would probably buy a Louis Vuitton, where as a younger one would probably end up buying Abercrombie. It depends on the age, apparently. Is this another ageist study? You decide! Go ahead, and read through the research, and I am sure you would want to read it.