All luxury brands list
Affluent consumers are often labeled through household income, but by delving deeper than economics it is evident that there are generational differences among affluents when defining luxury, according to a report from Shullman Research Center.
Millennials are more likely to define luxury in terms of travel and something that is classy, whereas the generation above them thinks of the excessiveness of luxury. Understanding the different definitions and brand preferences across age groups can aid in targeting specific marketing campaigns among luxury brand marketers.
“As I have stated many times, luxury is through the eyes of the consumer which means a marketer needs to understand who their target consumer really is and then segment her/his market carefully when creating the marketing messages they plan to use, ” said Bob Shullman founder/CEO of the Shullman Research Center, New York.
“With marketers’ current focus on millennials, it’s intriguing that the millennials included an ‘experience’ in my estimation, travel, as one of their top 20 descriptions of luxury, while neither the Gen-X’ers nor the Boomers listed an experience such as travel in their top 20’s, ” he said. “We hear so much about products are now less important, it’s all about the ‘experience.’ Well, maybe the older consumers don’t agree with the marketers about luxury .
“Plus jewelry made it into the top 20 for the two older generations, but not for the millennials. Is jewelry less a ‘luxury’ in the millennials’ eyes? It’s an issue we intend to address in our future research and insights endeavors and one the luxury jewelry marketers need to consider.”
Shullman Research Center asked participants of each generation to define the word luxury. Millennials has 18 adjectives and two products. Travel and cars were the product words, but the other words included classy, premium, good, rich and great, all words that did not appear across other generations.
Generation X and baby boomers also had a majority of adjectives in their top 20 words, but cars and jewelry appear as well.
Millennial’s top brands
In terms of brands, Gucci was the top for millennials, but automobiles won out for both generation X and baby boomers.
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