Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Millennial Generation Comes With New Ideas About Luxury Products
Sep 5, 2013
 Printable format
 Email this Article
 Search

At times the notions of status, success, and money change due to a generational shift, according to luxury marketing research firm Unit Marketing. It happened in the 1960s, when Baby Boomers came of age--and it will happened again soon with the coming of age of the Millennials.

Unit Marketing plans a new report on Millennials, a generation that the firm says will begin to reach peak earning years in 2010. The wealthiest of this generation will enter a window of affluence that, Unity Marketing said, will last for two decades.

The firm said predicting the behavior of the Millennial generation, born between 1978 and 2000, can be difficult. Past studies by the firm has identified four important ways in which Millennials are different from previous generations.

1. Millennials will reject the status symbols of their parents. Millennials will find status in achievements rather than their purchases. Unity research indicates members of this generation find significantly more satisfaction from earning a degree or completing an athletic event than by items they purchase. One example: a Millennial is likely to be more interested in owning a $500 Ironman triathlon watch signifying the achievement than a $5,000 brand name watch?

2. Millennials will trade money for time, and will therefore have less money to spend on luxury items. A Millennials may be willing work less overtime, and see slower career progress and earnings increases, in order to enjoy their time now.

3. Millennials will shift from conspicuous consumption to conscious consumption, guided by social, environmental, and ethical values. These values will guide Millennials' purchase decisions. Unity said this attitude can already be seen in the generation's rent-rather-than-buy tendencies.

4. Millennials think of "luxury" as a marketer's label: Millennials are savvy to marketing techniques and perceive the term "luxury" as a tool to entice them to buy rather than an adjective conveying something important about a product.

"Affluent Millennials will key in on products that help them live the lives they want, rather than looking for luxury or status as traditionally defined," Unity said.

Back to Daily News

 

Daily News

...........................................................

Oct 29, 2014: Canadian HVAC/R wholesaler sales up 5.3% so far in 2014

Oct 29, 2014: Russian steel agreement revoked

Oct 29, 2014: September 2014 Housing Starts in Canada

Oct 28, 2014: HVAC/R contractors remain optimistic about short-term growth

Oct 23, 2014: Whirlpool Corporation to Showcase Resource-Efficient Technologies at Greenbuild

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows