Bling it on
What makes a millennial spend more
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Reaching tomorrow’s premium consumers 01
Findings at a glance 02
Lessons and strategies 04
The millennial core 06
The millennial mindset 10
Infuence and the purchase decision 12
The buying moment 14
How and where millennials buy 16
Personalisation and experience 20
Putting a price on sustainability 22
How strong is premium brand loyalty 25
The survey scope 30
Contents
Today the top segments of the luxury and premium consumer
markets are still dominated by Baby-Boomer and Generation X
buyers – individuals who were born between the end of the Second
World War through to 1980. This post-war generation may have
adopted some of the online spending patterns of the generation
that followed, but they also retain consumption habits that were
formed in an earlier age: they are brand-loyal, they value traditional
store buying and personal contact, and they respond to traditional
brand messaging. They are modern but rooted.
However they are becoming supplanted by a new generation,
the much-talked about “millennials”. According to the US Census
Bureau, the number of millennials in the US now exceeds the
number of Baby-Boomers1. Millennials mostly grew up in the
internet era: their assumptions, their social patterns and (some
of) their values are diferent. They are already an infuential and
growing segment of the premium consumer market. But they will
soon become the dominant segment of that market.
Companies that seek to succeed in premium markets need to
understand this millennial segment of consumers. To reach
them and convert them into premium customers they need to
know what motivates them, what infuences them, and how they
infuence others.
1 https://census.gov/newsroom/press-releases/2015/cb15-113.html
Reaching tomorrow’s premium consumers
In early 2017, we commissioned a research study of millennial consumers
in four key markets – the US, UK, Italy and China (representing a balance
of the world’s largest markets for premium and luxury goods in the US
and China, and two of the world’s largest producers of these goods, in
the UK and Italy). There is no accepted defnition of the millennial age
group, although many consider it to be those born between 1980 and
2000. For the purposes of this study we looked at the current 20-30 year
old cohort, born between 1986 and 1996 – a generation old enough to
have entered work and formed consumption habits, but young enough
to have most of their economic life before them and barely remember
a pre-digital world. The study looked at responses from over 1,000
individuals, answering questions designed to tease out some of the
complexities of the new consumer mindset.
New research shows the complexity of the millennial consumer mindset when it
comes to buying luxury and premium products
Who are the premium customers of tomorrow How do companies reach them,
infuence them, retain them
01
Bling it on| What makes a millennial spend more
Findings at a glance
Luxury spending is
focussed on the self.
In our survey respondents
from all four geographies
were most likely to say
that they bought luxury
to please themselves,
not to impress others or
to do what inuencers
or celebrities said they
should do.
19.7%
I like to treat myself
18.0%
They are of high quality
What are the main reasons you are willing to spend
money on high-end fashion or luxury items
Millennials hear
messages from
multiple channels
simultaneously.
Millennials inclined to
purchase luxury say
they nd information
from traditional sources
such as magazines,
through to videos,
websites and blogs.
How do you nd out about the latest
high-end fashion or luxury item trends
20.5%
Social media
14.4%
Fashion magazines
15.1%
A brand’s website
Millennial luxury
buying is not routine;
the pattern of regular
buying is giving way to a
much more fragmented
and impulsive set of
buying behaviours.
When do you tend to consider purchasing
a high-end fashion or luxury item
20.5%
For a particular occasion
(e.g. wedding, party, etc)
18.5%
When I want to treat myself
02
Bling it on| What makes a millennial spend moreBling it on| What makes a millennial spend more
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