How marketing to millennials is different

The generation of millenials, i.e. the one immediately following generation X, has come to the forefront, and it is going to dominate the world for the decades to come.

Therefore, if marketers wish to plan their business for the future, it is imperative to look into the buying behavior, pattern and habits of this generation, in order to be profitable.

Baby boomers and generation X still represent major buying potential for various products and services.

However, as we move towards a more digitalized market, where the Internet and the growth of online social media determine market trends, the highly web-oriented millennials will become more important in the world of marketing.

This is true in marketing to millennials,  especially when it comes to luxury brands. In my view, it is impossible to predict and identify yet the attitude of millennials, or  generation Y, as they are also called, towards seeking and living a life of luxury.

This is because the millennials have adopted a totally different way of life, compared to life aspirations of previous generations (for example, aspirations to become rich, the American dream concept, etc.).

Millennials are strongly characterized by a “sharing” attitude, especially in their online behavior, and marketing luxury product and services to them has to take this fact into account.

The acquisition of material goods or services has probably become second-level priority, behind their desire to taste high-quality, first-hand life experiences, which will deeply affect them and mark them throughout their lives.

If marketers can meet the increased needs of millennials for strong and influential life experiences, and restructure their offer in order to create an equally strong luxury product/service experience, then millennials will have a reason to become the next generation of massive buyers of luxury products and services.