What New Luxury Means To Millennials
Luxury does not mean what you think it means.
For the first time in centuries, the very definition of luxury has changed with the arrival of millennials, or Gen Y, as they are also known. They embody a mental shift that was first signaled by the frenzied progress of information-hungry Gen Xers, and will be amplified by a cohort of Gen Z consumers looking to find their own, unique place in the world.
Everything from consumption behavior to consumer empowerment has permanently altered the industry landscape, and brands are left asking themselves increasingly difficult questions.
How does this generation define luxury? What does a brand stand for as the current customer base ages and younger, affluent followers define luxury in less material terms?
I had the pleasure of exploring these same questions on a panel for Luxury Daily’s Luxury Roundtable 2017: Engaging Gens X, Y & Z conference May 3 in New York.
The notion of luxury is no longer an immovable bastion. To define new luxury for millennials, as well as Gens X and Z, we have to look at the story that lies beneath it...
Read the full article on Luxury Daily.