We all have heard that every generation creates its own revolution, but now more than ever industries must conform to the whims and expectations of the younger minds. Industries are forced to change their ways, and rethink marketing strategies as these more sophisticated and savvy consumers begin to shape the world we live in.
Every generation brings with it a new outlook on life, and Millennials are no different. Many believe that Millennials share the same fundamental traits, but this is far from the truth. Their behavior may have similar characteristics, but their purchasing habits differ greatly. This makes them a very unpredictable segment of the population, and very different from their predecessors.
Many baby boomers have begun to retire, and are no longer purchasing the homes they used to be. Baby boomers=have shifted their focus to buying experiences and lasting memories. Millennials, on the other hand, are still in their home nesting stage, which means that they will become the biggest consumers of luxury products and services. As boomers become less focused on luxury, the industry needs to shift gears, update, and refocus its marketing campaigns to appeal to this new consumer base.
Millennials are poised to take over the consumer market, and with 86 million potential customers, many CEOs and CMOs realize that this is a segment of the market that demands attention. Thanks to the many technological advances and to the power of internet, it would be a mistake to think that the Millennial generation will aspire to the same luxury brands as previous generations.
The internet has allowed the Millennial generation to see through the smoke and mirrors of many luxury brands. For Millennials, the meaning of luxury differs immensely from previous generations. Though, luxury is important, and still holds value to the Millennial generation— it is no longer about how much money was spent buying a product. Instead, status for them is defined by who they are, and what they have achieved in life.
For Millennials, luxury is a state of mind and not a brand or a price point. They still want luxury, but a type of luxury that expresses their inner values and represents their world view. The next luxury boom will be powered by Millennials, but this will only happen if brands meet this new generation with products and services that are a representation of themselves. However, if the luxury brands continue to do what they have always done, which is to put status before substance, the entire industry may miss the mark.
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