The term “millennials” was introduced in 1991 by Howe and Strauss when they published their book “Generations”. It represents people born between 1981 to 1996. Although some people say between 1980 to 2000. The United States Census Bureau indicated that the number of millennials as of 2014 is far more than the Baby Boomers. Millennials are about one-quarter of the entire US population.
IPSOS carried out a study and discovered that 81% of current luxury shoppers reveals that the definition of LUXURY constantly evolves. Brands are expected to fully grasp how the consumer wants to engage and participate.
Luxury brands require fundamental shifts in their approach to sales to meet with the HENRY's beliefs and values in regards to Luxury.
Many Swiss watchmakers are still too attached to their conventional approach to luxury.
Millennial HENRYs are more concerned about achieving the lifestyle of their dreams before they become 40 years of age, and not wait until they are older.
Millennial HENRYs place more value on their experiences than on physical luxury goods. Euromonitor referenced a survey carried out among Millennials which states that a fundamental shift in customer values exists towards luxury experiences.
This survey discovered that more than half of the millennials in the US tend to spend on experiences rather than physical goods.
This means that in regards to luxury goods a status symbol is being substituted by a luxury experience that can be shared on social media.