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..
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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