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In this chapter, the authors present a cultural comparative study of how millennials in Switzerland and South Korea define and perceive luxury and prestige and how this might influence their luxury consumer behavior. Labels, such as GenX, millennials, GenY, or GenZ, are often used to distinguish cohorts of individuals based on their shared generational experiences and characteristics. However, as previous research shows, mere membership in a generational cohort is not a sufficient explanation for consumption patterns across geographies and cultures. Given the size and importance of the global luxury market and the degree of internationalization of luxury companies, a better understanding of the luxury consumer and the impact of their macro-context is vital. The results of the present study indicate that economic as well as cultural factors have an impact on the definition and perception of luxury among millennials and might also explain differences in consumer behavior.