Millennials: It will be about desire
Purchasing of luxury goods will change
The millennials, that group of young adults now reaching their spending peak, are starting to replace their parents and grandparents — the baby boomers — in spending power and acquisitions. Where, and on what, millennials spend their disposable income has occupied the minds of marketers and manufacturers for years — especially in the luxury consumer market. Jean-Noel Dollet, global brand owner of Bisquit Dubouché (a Cognac brand), says a millennial’s choice to buy a luxury product is based on desire, not need or status. This could “disrupt” the luxury market as we know it. “Manufacturers and marketers might have understood what drives the baby boomers to choose luxury, but a new approach is needed when attracting the millennial shopper,” says Dollet. Today’s young adult will be less likely to splurge on a top-of-the-range watch, he says, and would rather use that money for a once-in-a-lifetime travel experience, which, of course, will be documented on social media. Millennials’ acti...
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