Millennials and Luxury Brands

Millennials and Luxury Brands
Luxury watch Rolex

According to a YPulse survey, young people (age 13 to 34) view luxury brands differently from their predecessors. They find them less appealing—81 percent agreed that “showing off expensive things you have bought on social media is not cool.” The researchers also found that young people were more drawn to words like “high quality” and “durable” when purchasing items. They were less impressed by items that were described as “exclusive” or “luxury”. Although young people did not value luxury goods the way other generations have, they are not necessarily averse to them. In fact, 46 percent said they will feel successful in life if they are able to afford luxury brands and products.

Young people were also asked about what luxury brands they want to own. The brands most mentioned were: Apple, BMW, Tesla, Audi, and Mercedes. “Quality,” “love,” “technology,” and “design” were all words used to describe the top luxury brand, Apple. It should not be particularly surprising. Of the 55 percent of young people that reported purchasing a luxury product, 23 percent said it was a tech item. Auto brands were also popular amongst young people. This category was most likely associated with the word “luxury”.

There were some distinctions between males and females and Gen Z and Millennials regarding the luxury brands they want to own. The top brands that males most want to own include: Apple, Tesla, BMW, Rolex, and Audi. The top brands that females most want to own include: Apple, BMW, Michael Kors, Louis Vuitton, and Tesla. The top brands that Gen Z respondents most want to own include: Apple, BMW, Nike, Mercedes, and Rolex. And finally, the top brands that Millennials most want to own include: Apple, Tesla, BMW, Audi, and Michael Kors.