Baby Boomers are the generation with the largest discretionary income which makes them today's largest consumer of luxury products.
The luxury car brands preferred by Baby Boomers are Mercedes-Benz and Porsche, while Millennial prefer Mercedes-Benz and Tesla.
Millennial habits are forcing luxury brands to change their offerings from simple products to technology-driven interactive experiences.
Overview
The concept of luxury and what is perceived as a premium brand varies from generation to generation. In the case of Baby Boomers, luxury is defined through cost, quality and product. Millennials are less concerned about cost, but define luxury in quality and experience. This can be clearly seen in both generations' approach to automobile purchases. …show more content…
More than 85% of women aged 18-29 and 68% of men in the same age group reported they find people who flash their money annoying. 77% of the same group of women and 56% of men reported to be less concerned with material goods than they have been in the past. Millennial who purchase luxury goods do so in store 58% of the time, while 42% of purchases are done on line. However, there seems to be a shift in the luxury market trying to capture Millennial customers from a focus on product to a focus on experience.
As shown by their purchasing preferences, Millennial want self-service, technology-driven interactions with brands that they control. Millennial care about quality products, produced by companies that seek to make the world a better place that allow for integrated, interactive experiences between company and …show more content…
Harris Poll's EquiTrend Study, which determines strong brands depending on consumer response, showed that Millennials' car brand of choice was Mercedes -Benz, with an equity score of 73 (overall 66 equity score among other consumers). A Ypulse survey determined that Tesla was the preferred luxury car brand by Millennials. However, since the average amount spent by Millennials to purchase their first car is $6,500, Millennials are less likely than Baby Boomers to own their preferred cars. In simple terms, Millennials dream about owning a Mercedes-Benz or a Tesla, but few actually do. Millennials also care deeply about sound systems and their most preferred brands are both Bose&Beats. Cars that make state-of-the-art sound systems a priority will attract Millennial
The luxury car brands preferred by Baby Boomers are Mercedes-Benz and Porsche, while Millennial prefer Mercedes-Benz and Tesla.
Millennial habits are forcing luxury brands to change their offerings from simple products to technology-driven interactive experiences.
Overview
The concept of luxury and what is perceived as a premium brand varies from generation to generation. In the case of Baby Boomers, luxury is defined through cost, quality and product. Millennials are less concerned about cost, but define luxury in quality and experience. This can be clearly seen in both generations' approach to automobile purchases. …show more content…
More than 85% of women aged 18-29 and 68% of men in the same age group reported they find people who flash their money annoying. 77% of the same group of women and 56% of men reported to be less concerned with material goods than they have been in the past. Millennial who purchase luxury goods do so in store 58% of the time, while 42% of purchases are done on line. However, there seems to be a shift in the luxury market trying to capture Millennial customers from a focus on product to a focus on experience.
As shown by their purchasing preferences, Millennial want self-service, technology-driven interactions with brands that they control. Millennial care about quality products, produced by companies that seek to make the world a better place that allow for integrated, interactive experiences between company and …show more content…
Harris Poll's EquiTrend Study, which determines strong brands depending on consumer response, showed that Millennials' car brand of choice was Mercedes -Benz, with an equity score of 73 (overall 66 equity score among other consumers). A Ypulse survey determined that Tesla was the preferred luxury car brand by Millennials. However, since the average amount spent by Millennials to purchase their first car is $6,500, Millennials are less likely than Baby Boomers to own their preferred cars. In simple terms, Millennials dream about owning a Mercedes-Benz or a Tesla, but few actually do. Millennials also care deeply about sound systems and their most preferred brands are both Bose&Beats. Cars that make state-of-the-art sound systems a priority will attract Millennial