According to the US Census Bureau, millennials are already a major segment of the premium consumer market. They will soon domitate today’s top customer segments: Baby-Boomers and Generation X. The companies are therefore actively studying the mindset of this consumer segment.
Here are some findings from a study carried out by Deloitte:
1. Main reason for making a luxury purchase – is to please oneself (as per 19.7% of respondents)
2. Main information source: social media (as per 20.5% of respondents)
3. Most important in a luxury item: quality (as per 39.1% of respondents)
4. Between luxury product or luxury experience (e.g. concert or travel), 50% of US and EU respondents would choose the experience
5. In all markets other than the US, millennials would still choose a luxury analogue watch over a smart watch