Are Millennials a Global Cohort? Evidence from the Luxury Goods Sector

Beata Stępień , Ana Pinto Lima , Michael Hinner

Abstract

Objective: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.
Author Beata Stępień (WGM / KZM)
Beata Stępień,,
- Department of International Management
, Ana Pinto Lima - School of Accounting and Administration of Porto, Portugal
Ana Pinto Lima,,
-
, Michael Hinner - TU Bergakademie Freiberg, Germany
Michael Hinner,,
-
Journal seriesJournal of Intercultural Management, ISSN 2080-0150, (B 11 pkt)
Issue year2018
Vol10
No2
Pages139-158
Publication size in sheets0.95
Keywords in Englishconsumer value perception, luxury goods, Generation Y, Generation X, Millennials, hedonic value, social value
DOIDOI:10.2478/joim-2018-0012
URL https://doi.org/10.2478/joim-2018-0012
Languageen angielski
Score (nominal)11
Score sourcejournalList
ScoreMinisterial score = 11.0, 09-04-2020, ArticleFromJournal
Citation count*6 (2020-10-15)
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