What does luxury really mean to millennial consumers?

Abstract

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.

Has the pandemic altered luxury consumption and marketing? A sectoral and thematic analysis

“…To date, there is no unified definition of what constitutes luxury for goods, services, or brands, as it varies depending on time, context, society, cohort, and religion (Cabigiosu, 2020; Kapferer & Laurent, 2016; Ko et al, 2019; Slaton & Hurst, 2023). The etymology of the term “luxury” originates from the Latin word “Luxus,” which means excess, superabundance, or a display of wealth meant to fulfill desires beyond basic needs (Cabigiosu, 2020).…”

“…Luxury goods are commodities that possess physical, social, and psychological values that signify status besides contributing to luxurious living (Fuentes et al, 2023;Kumar, 2023;Slaton & Hurst, 2023).…”

“…Luxury goods are commodities that possess physical, social, and psychological values that signify status besides contributing to luxurious living (Fuentes et al, 2023; Kumar, 2023; Slaton & Hurst, 2023). For generations, the consumers' demand for material possessions and the luxury lifestyle have financially helped luxury firms internationally (Ko et al, 2019).…”

Sustainability Through the “Nested” Luxury Retail Experience

“…Luxury consumers are willing to show their understanding and care for environmental and societal challenges (Ivan et al, 2015). Among these, millennial consumers combine their interest in product attributes and quality with their commitment to knowing about the quality of manufacturing processes (how, where and who produces) and product durability, which should inform business sustainability strategies (Slaton & Hurst, 2022). Consumer attitude and attention to sustainability in luxury consumption have gone along with companies' acknowledgement of the importance of reinterpreting and integrating sustainability into their value propositions (Kapferer & Michaut-Denizeau, 2020).…”

“…Arguably, retailing may play a primary role in envisioning innovative brand value propositions centred on sustainability (Wiese et al, 2012;Wiese et al, 2015;Arrigo, 2018). Limited yet emerging research on millennial consumers may help retailers evolve, responding to novel needs and trends and integrating sustainability (Slaton & Hurst, 2022).…”