5 Factors That Influence Millennials’ Luxury Spending Habits
Skift Take
There is no one strategy to win over millennials. Brands should focus on what they offer in terms of quality and then communicate that through as many channels as possible to increase their awareness among this diverse but growing demographic.
Most brands are chasing the coveted millennial buyer — especially luxury brands which hope to endear loyalty early and gain life-long customers in the process. Millennials, however, do not have a simple set of behaviors and habits change based on gender, age and location.
Deloitte dove into millennials’ luxury purchasing behavior in its new unfortunately named report Bling It On, which surveyed more than 1,000 consumers between 20 and 30 years old in the U.S., UK, Italy, and China. These markets represent the world’s largest consumer markets and producers of luxury goods. We highlight the five findings most relevant to travel brands:
1. Following a trend of experiential preference, millennials were slightly more likely, 53 percent, to choose a luxury experience over
