The retail industry is functioning in an ever-changing business environment, with consumer behavior changing and adapting at a fast rate. Increasingly, the consumer's interest in the resale and renting of merchandise is altering traditional consumption and forcing retailers to embrace new business models. Interest stimulated among younger consumers (i.e., Millennials and the Generation Z cohort) in the media and sustainability can contribute to these notable changes in the retail industry (Hamari et al., 2015). These trends have disrupted the retail industry, especially as Millennials and Gen Z members rely greatly on information about social and environmental impacts when purchasing products and services, to a greater extent than previous generations (Vestiaire Collective & BCG, 2019).Furthermore, social media platforms (e.g., Twitter and Instagram) heighten the need for consumers to regularly update their looks on social media (Wigder, 2019). Thus, it can be stated unequivocally that resale satisfies two very important demands of consumers who are digitally connected, to "be seen in new styles constantly" and to be "conscious about sustainability" Resale Report, 2019. This trend of re-commerce or "collaborative consumption" is contributing to the growth of the secondary market, predicted to reach $51 billion by 2023 (Sorokanich, 2019) and is heavily embraced by Millennials and Gen Z members (Carufel, 2020). Collaborative consumption has disrupted the retail industry and has seen a growth 21 times quicker than that of traditional retail since 2016 (Gasparo, 2019); hence, the retail industry should thoroughly investigate and understand how this phenomenon of collaborative consumption is impacting not only

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The aim of this study was to determine how millennial luxury consumers define luxury based on a holistic systems theory perspective. The human ecosystem and its components were used to fully investigate the system of the millennial luxury consumer. A mixed methodology was used by conducting interviews and then a consumer survey. Based on the findings from this research, the definition for luxury based on the view of the millennial luxury consumer is as followed: Luxury is the characteristics of the product themselves, addresses the consumer's personal needs, and addresses the consumer's social needs. This study suggests that the ecosystem of the millennial luxury consumers, including its environments and interactions, helped in constructing their definition of luxury. This definition delivers millennial luxury consumer insights for luxury retailers and may provide strategic adaptations to help attract and retain millennial luxury consumers, while also supporting business sustainability in a challenging retail environment.

PurposeThe aim of this study is to investigate the psychographic factors of shopping enjoyment, market mavenism and consumer innovativeness and their influence on hedonic and utilitarian values, attitudes and patronage intentions of the small concept luxury department (SCLD) store.Design/methodology/approachThe researchers utilized a quantitative method. An online survey was created and distributed over a three-week period to a representative sample of US luxury consumers. Structural equation modeling (SEM) was used to test the hypothesized relationships among variables.FindingsThe theory of reasoned action (TRA) theoretical framework provided an effective model to investigate the perspectives and behaviors of luxury consumers within the SCLD. The findings of this study suggest the SCLD is an effective store format for consumers who are characterized as market mavens, are considered innovative and enjoy shopping.Practical implicationsThe findings from this research are beneficial to luxury department store retailers looking to invest resources into a new experiential format to appeal to their consumer base.Originality/valueThe research extends the literature in a rapidly evolving area of retail formats and consumer perception by exploring psychographic factors, including shopping enjoyment, market mavenism and consumer innovativeness, and their impact on the beliefs regarding retail formats' hedonic and utilitarian value.