BlingitonWhatmakesamillennialspendmore?Reachingtomorrow’spremiumconsumers01Findingsataglance02Lessonsandstrategies04Themillennialcore06Themillennialmindset10Influenceandthepurchasedecision12Thebuyingmoment14Howandwheremillennialsbuy16Personalisationandexperience20Puttingapriceonsustainability22Howstrongispremiumbrandloyalty?25Thesurveyscope30ContentsTodaythetopsegmentsoftheluxuryandpremiumconsumermarketsarestilldominatedbyBaby-BoomerandGenerationXbuyers–individualswhowerebornbetweentheendoftheSecondWorldWarthroughto1980.Thispost-wargenerationmayhaveadoptedsomeoftheonlinespendingpatternsofthegenerationthatfollowed,buttheyalsoretainconsumptionhabitsthatwereformedinanearlierage:theyarebrand-loyal,theyvaluetraditionalstorebuyingandpersonalcontact,andtheyrespondtotraditionalbrandmessaging.Theyaremodernbutrooted.Howevertheyarebecomingsupplantedbyanewgeneration,themuch-talkedabout“millennials”.AccordingtotheUSCensusBureau,thenumberofmillennialsintheUSnowexceedsthenumberofBaby-Boomers1.Millennialsmostlygrewupintheinternetera:theirassumptions,theirsocialpatternsand(someof)theirvaluesaredifferent.Theyarealreadyaninfluentialandgrowingsegmentofthepremiumconsumermarket.Buttheywillsoonbecomethedominantsegmentofthatmarket.Companiesthatseektosucceedinpremiummarketsneedtounderstandthismillennialsegmentofconsumers.Toreachthemandconvertthemintopremiumcustomerstheyneedtoknowwhatmotivatesthem,whatinfluencesthem,andhowtheyinfluenceothers.1https://www.census.gov/newsroom/press-releases/2015/cb15-113.htmlReachingtomorrow’spremiumconsumersInearly2017,wecommissionedaresearchstudyofmillennialconsumersinfourkeymarkets–theUS,UK,ItalyandChina(representingabalanceoftheworld’slargestmarketsforpremiumandluxurygoodsintheUSandChina,andtwooftheworld’slargestproducersofthesegoods,intheUKandItaly).Thereisnoaccepteddefinitionofthemillennialagegroup,althoughmanyconsiderittobethosebornbetween1980and2000.Forthepurposesofthisstudywelookedatthecurrent20-30yearoldcohort,bornbetween1986and1996–agene...
