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

Stępień Beata (), Lima Ana Pinto and Hinner Michael
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Stępień Beata: Poznań University of Economics and Business, Poland
Lima Ana Pinto: ISCAP Porto Polytechnic, Portugal
Hinner Michael: TU Bergakademie Freiberg, Germany

Journal of Intercultural Management, 2018, vol. 10, issue 2, 139-158

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.

Keywords: Consumer value perception; luxury goods; Generation Y; Generation X; Millennials; hedonic value; social value (search for similar items in EconPapers)
JEL-codes: D12 M31 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:joinma:v:10:y:2018:i:2:p:139-158:n:6

DOI: 10.2478/joim-2018-0012

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