Millennials willing to pay more for personalized luxury goods worldwide 2017

In 2017, 57.2 percent of millennial respondents said that they would pay more for personalized luxury goods, while 7.6 percent said they would not. As of 2017, 29 percent of luxury goods consumers were Millennials.

Who are millennials?

Millennials, also known as Generation Y (or simply Gen Y), are the demographic cohort following Generation X and preceding Generation Z. This group consists of individuals born between the early 1980s and the mid-1990s, with 1981 to 1996 being the generally accepted range of birth years. Millennials are consumers who came of age in the Digital Age, and are accustomed to digital technologies and social media. As of 2018, over 20 percent of online luxury brand visitors were aged between 25 and 34 years.

How do luxury brands market to millennials?

In as early as 2012, luxury brands were embracing digital advertising. This move would have made them even more accessible to younger consumers. Between 2016 and 2019, Gucci nearly doubled its global brand value. During this period the brand also increased its social media presence and collaborated with many social media influencers. The brand is famously worn and features in the lyrics of hip-hop artists such as Kanye West, Lil Peep, and Migos. Luxury brands enlist social media influencers such as the Kardashians, Paul Pogba, and the Hadid sisters to post sponsored images of themselves wearing their products. Such strategies and occurrences are likely to have attracted Millennials, as well as other generations, to this market.