Understanding the Aspired Attributes of Luxury Product for Millennials

  • Authors

    • Pramis B. Wibawa
    • Basuki Wibawa
    https://doi.org/10.14419/ijet.v8i1.10.28390
  • Millennials, characteristics, consumer behaviour, buying behaviour, luxury brands.

  • Abstract

    Despite the concept of millennial has been a growing research object and interest; the lack of a clear conception of their buying behaviour on luxury products is still evident. Luxury has different meanings at different time, in different culture and amongst different demographics.  This thesis aims to classify what are the most appealing attributes and/ or characteristics of luxury brands and how consumers, particularly millennials, determine it.

    to gain crucial insights form the subject under investigation, this work introduces the concept of millennial generation cohort before discussing the buying behaviors of this cohort, as well as unique traits with which this customer segment continues to be associated. The discussion culminates into an examination of the concept of luxury and how millennials interact with luxury brands, as well as their motivation for preferring these brands. In turn, the results obtained form the primary research are presented in a quest to establish possible parallels with findings documented in the current literature. Finally, this paper offers a conclusion, some of the study limitations, and recommendations regarding future research.  

     

     

  • References

    1. [1] Barton, C., Haywood, J., Jhunjhunwala, P., and Vikrant B. (2013). Travelling with Millennials. Boston Consulting Group [Internet]. Available from <https://www.bcgperspectives.com/content/articles/transportation_travel_tourism_consumer_insight_travelling_with_millennials/> [Accessed 10 July 2017]

      [2] Gustafson, K., CNBC. (2015). Millennials redefine luxury and the stakes are high [Internet]. Available from <http://www.cnbc.com/2015/02/18/millennials-redefine-luxury-and-the-stakes-are-high.html> [Accessed 10 July 2017].

      [3] Mulligan Nelson, E. (2012). Millennials Want to Party With Your Brand But On Their Own Terms [Internet]. Ad Age. Available from:

      [4] <http://adage.com/article/digitalnext/millennials-party-brand-terms/236444/> [Accessed 05 May 2017].

      [5] Prensky, M. (2001). Digital natives, digital immigrants part 1. On the Horizon, 9(5), pp.1-6.

      [6] Young, A. M., and Hinesly, M. D. (2012). Identifiy Millennials’ key influencers from early childhood: insights into current consumer preferences. Journal of Consumer Marketing, 29(2), pp.146-155.

      [7] Morton, L.P. (2002). Targeting generation Y. Public Relations Quarterly, 47(2), pp.46-48

      [8] Nowak, L., Thach, L., Olsen, J.E. (2006) Wowing the Millennials: creating brand equity in the wine industry. Journal of Product & Brand Management, 15(5), pp.316-323.

      [9] Faw, L. (2012) Meet the Millennial 1%: Young, Rich and Redefining Luxury [Internet]. Available from <http://www.forbes.com/sites/larissafaw/2012/10/02/meet-the-millennial-1-young-rich-and-redefining-luxury/#1ed69eeb8caa> [Accessed 10 July 2017]

      [10] Giovanni, S., Xu, Y., and Thomas, J. (2015). Luxury Fashion Consumption and Generation Y Consumers; Self brand conscious, and consumption motivation.

      [11] Yarrow, K., and O’Donnell, J. (2009). Gen BuY. How Tweens, Teens, and TwentySomethings are Revolutionizing Retail. San Fransisco: Jossey-Bass.

  • Downloads

  • How to Cite

    B. Wibawa, P., & Wibawa, B. (2019). Understanding the Aspired Attributes of Luxury Product for Millennials. International Journal of Engineering & Technology, 8(1.10), 199-201. https://doi.org/10.14419/ijet.v8i1.10.28390

    Received date: 2019-03-15

    Accepted date: 2019-03-15