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

Author

Listed:
  • Stępień Beata

    (Poznań University of Economics and Business, Poland)

  • Lima Ana Pinto

    (ISCAP Porto Polytechnic, Portugal)

  • Hinner Michael

    (TU Bergakademie Freiberg, Germany)

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.

Suggested Citation

  • Stępień Beata & Lima Ana Pinto & Hinner Michael, 2018. "Are Millennials a Global Cohort? Evidence from the Luxury Goods Sector," Journal of Intercultural Management, Sciendo, vol. 10(2), pages 139-158, June.
    • Handle: RePEc:vrs:joinma:v:10:y:2018:i:2:p:139-158:n:6
    DOI: 10.2478/joim-2018-0012
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    References listed on IDEAS

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    More about this item

    Keywords

    Consumer value perception; luxury goods; Generation Y; Generation X; Millennials; hedonic value; social value;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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