Millennials are creating a new paradigm for luxury
Millennials “geared to pleasure rather than possessions” (BCG) are creating a new paradigm for luxury that prioritises personal experiences over luxury tradition. Lower income and higher living costs than any other generation mean a shift of priority from the more material statements of success and luxury like owning a property or having the newest car; to acquiring experiences, often infinitely more rewarding and enriching.
Luxury is defined by what you do, not what you own. Brands should become facilitators of luxury moments.