Are Millennials a Global Cohort? Evidence from the Luxury Goods Sector
Beata Stępień , Ana Pinto Lima , Michael Hinner
AbstractObjective:to investigate whether Millennials are internally consistent and distinguished cohort in terms of the perception of luxuryMethodology:mixed: the international e-survey results, conducted in 5 different countries (Poland, Portugal, Turkey, Germany and Saudi Arabia, 1193 responses) and 4 FGI, conducted in the groups of younger and older Millennials in Poland and Portugal.Findings:Millennials demonstrate strong country–specific differences in evaluating luxury value drivers; from avowed hedonic status-seekers (mainly Saudi Arabians), through moderately enthusiastic luxury products admirers (Portuguese, Turkish, Polish) to stand-outs, individualists who contest the overall CVPL as represented mostly by Germans. The evaluation of luxury is not cohort specific but rather a matter of the family and material status strengthened by socio-cultural pressure.Value Added:Global consumption behavioral patterns regarding luxury are permeated by local cultural influences, but are not global cohorts’ specific, due to their internal cultural, age, income and family status diversity.Recommendations:Communication strategies in a luxury sector should be adjusted more to the country-specific and less to the specific needs of global cohorts.
|Journal series||Journal of Intercultural Management, ISSN 2080-0150, (B 11 pkt)|
|Publication size in sheets||0.95|
|Keywords in English||consumer value perception, luxury goods, Generation Y, Generation X, Millennials, hedonic value, social value|
|Score||= 11.0, 09-04-2020, ArticleFromJournal|
|Citation count*||5 (2020-09-08)|
* presented citation count is obtained through Internet information analysis and it is close to the number calculated by the Publish or Perish system.