How Well Do You Know Millennials?

Thursday, August 3rd, 2017
Contributed by: and

alc_wealth_window_millennials_300x198Much has been written about millennials. Much of it is true:

  • They are the most highly educated, ethnically diverse, and digitally engaged generation.
  • They are the largest generation, with more than 80 million people.
  • They are essential for luxury marketers, today and tomorrow.
  • Generally, they value experiences more than material goods.

 

But millennials are not a monolith:

  • While many luxury brands are struggling with millennials, others are succeeding. Versace and Tom Ford are connecting. Tesla is hot. Apple retains significant cachet.
  • Older millennials are far more amenable to luxury purchases than younger millennials. (Note, that the behaviors of younger millennials will not be the same as they age. Baby boomers were the most idealistic, nonmaterialistic generation ever at one point, remember?) Luxury becomes more important when people have the means to participate in luxury goods and services.
  • Younger millennials tend to outspend older millennials in the areas of specialty beauty, athletic wear, and experiential products.

 

If you’re interested in understanding or reaching the right millennials for your brand, consider Wealth Window: The Richest Data on the Wealthiest People.

 

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