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Are Millennials really redefining luxury? A cross-generational analysis of perceptions of luxury from six countries
Journal of Brand Strategy,
8
(3),
250-264
(2019)
Abstract
Baby Boomers now retired, Millennials — also called Generation Y — already represent a fourth of personal luxury sales. Yet industry experts warn that Millennials are not merely a new generation but also a disruptive one and that luxury should be redefined on Millennials’ terms. To assess the reality of these new terms, 3,217 real luxury buyers were recruited between the ages of 18 and 75 years across six countries (United States, China, Japan, Germany, France, Brazil). The results show that the essential traits defining luxury remain identical across generations but that small differences have emerged concerning peripheral luxury characteristics. On the other hand, there are strong differences between generations in the benefits expected from luxury consumption. This paper discusses the theoretical and managerial implications for luxury brands.
Keywords: Millennials; Gen Y; Gen Z; luxury
The full article is available to subscribers to the journal.
Author's Biography
Jean-Noël Kapferer is an internationally renowned authority on luxury. A doctorate holder from Kellogg Business School (USA), also HEC Paris emeritus professor, he now conducts research on the transformations of luxury at INSEEC School of Business and Economics. He is co-author of the luxury CEO’s reference book The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands and of Advances in Luxury Brand Management, and author of How Luxury Brands Can Grow yet Remain Rare. He publishes extensively in the best international journals and is Honorary Editor of the Luxury Research Journal. Advisor to the Luxury Business Institute (Seoul and Shanghai) he is an active consultant and leads executive seminars all around the world.
Anne Michaut is Associate Professor of Marketing, Director of the LVMH chair and Associate Dean for Pedagogy at HEC Paris. She received a PhD in Social Sciences from Wageningen University, where she also received an MSc degree in Marketing and Consumer Behaviour. In addition, she holds an agronomics engineering degree. Her research expertise now focuses on luxury, specifically with reference to new developments in client experience and their impact on brand management, as well as sustainability issues.
