Luxury Goods’ Perception Within Millennials Cohort: Evidence against global homogeneity myth.

Beata Stępień, Ana Lima

Abstract


The purpose of this paper is to identify and explain areas of homogeneity/ internal diversity of Generation Y in appraising value drivers of luxury goods; to compare the perception of luxury goods’ value (CVPL) of Generation X and Y and explain the grounds of perception uniformity/ dissimilarity. Perception of luxury goods’ value (CVPL) by Generation Y (Millennials) consumers from “rising and old” luxury consumption markets (Saudi Arabia, Poland, Turkey, Portugal and Germany). A mixed methodology was employed: structured e-questionnaire with adopted scales from Wiedmann et al. (2009), Vigneron and Johnson (2004), and Holbrook (1999, 2006); and, qualitative approach with focus group interviews with Millennials and non- Millennials. A sample of 1193 from five countries was analyzed. Data were divided and analyzed for country and cohorts’ specifics. Millennials are an internally diversified cohort; they consist of at least two sub-groups: younger, single, early stage carrier builders and more family, status-oriented older professionals that resemble Generation X in CVPL. Millennials also demonstrate strong country-specific differences in evaluating luxury value drivers; global consumption behavioral patterns are permeated by local cultural influences. Even though Millennials do not differ from Generation Y in their perception of luxury goods values, they visibly demonstrate different consumer behavior in the area of digital tools usage. This work brings attention to the luxury industry and consumption in a cross-cultural approach, its perception of luxury goods’ value and points of perception uniformity/dissimilarity among Millennials. For the luxury brand marketers, practical implications of this contrasts have huge potential to consumer profiles and marketing strategies.


Keywords


Luxury branding, consumer perceptions, buying behaviour, brand prestige, brand distinctiveness, brand awareness, brand coherence, logit regression, chanel brand.

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International Journal of Marketing, Communication and New Media

ISSN: 2182-9306

 

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