Don’t get it twisted, millennials may want brands to stand for something and demonstrate a higher purpose, but they also love luxury. They just shop for it on their own terms.
In fact, the average millennial and Gen Z consumer owns nine luxury fashion items across accessories, apparel, and footwear, according to our latest report with The NPD Group: A Millennial Approach to Luxury. However, their approach to purchasing luxury items is different than those of previous generations. This younger luxury consumer favors the convenience and extensive browsing ability afforded to them by online shopping but also appreciates the luxury in-store experience.
“The value of a luxury product is not lost on millennials and Gen Z, just the opposite,” said Marshal Cohen, chief industry advisor, The NPD Group. “The younger luxury consumer demands the quality and cache expected from luxury items, but they also expect the shopping variety that allows them to find something unique.”
Millennials value quality, enduring style
Millennial and Gen Z luxury consumers identify highly coveted or prestigious brands, product quality, distinctiveness, and timeless style as their top personal criteria when making a luxury purchase decision. A survey by UBS Group AG of millennials in China, U.S. and Europe showed Gucci and Louis Vuitton are the favorite brands.
Research defines the purchase and where to shop
These generations favor pure-play websites and department stores with multiple brand offerings, but they do their homework first. Nearly three quarters said their favorite luxury purchase was planned in advance and they knew where they wanted to purchase it. More than half of millennial and Gen Z luxury consumers prefer to shop mostly or only online, but more than a third prefer in-store luxury shopping. In-store browsing influenced more shoppers in their latest luxury purchase than any other factor, including needs around a personal event or occasion.
“While the in-store experience is critical to the overall shopping journey, younger consumers are demanding to be engaged across multiple platforms from traditional media to social media, videos, and mobile apps,” said Rohan Deuskar, CEO of Stylitics. “In-store is where they can touch and feel the product just before purchasing, but it is primarily a digital journey that leads them there.”
To obtain a full copy of the report, please contact The NPD Group directly.
Methodology: This report is sourced from the Stylitics Consumer Panel, via the ClosetSpace™ app, and a custom survey designed for this study sent to the panel of Luxury Shoppers. The panel is comprised of U.S. Females 18 – 45 years old, who own at least two items from a defined list of luxury brands and retailers.
Photo credit: Photo by Jannis Lucas