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Millennials & Luxury: Spelunking the Ypulse Archive

Over the past 10 years, Ypulse has built up an awesome arsenal of 10,000+ articles, 20,000+ curated Millennial news items, 2 billion peer-generated opinions from our mobile, social Q&A network, and thousands of statistics on Millennials drawn from our bi-weekly national survey of the generation. Our site–wide search delivers results from our huge archive of insights, news, and data on the topic of your inquiry to help get you informed—and it just got even better. Now when you type any term into our search bar the results also include all of the relevant statistics we have on the subject, putting hundreds of data points at your fingertips, and surfacing the relevant stats on young consumers you need in seconds. Gold subscribers can click on “Show all data” on any survey data results to open up and explore the full table.

Looking to get up to speed before a strategy session? Searching Ypulse is the best place to start! Check out all that we found by typing luxury in the search bar and “spelunking” our own archives:

 

Survey Data Results: 

Searching for “luxury” on Ypulse.com got us 15 survey data results from this year, with questions asked including:

By clicking the “Show All Data” button next to our search results, we could begin exploring the full survey tables of data on 14-32-year-olds that surfaced. 

We found that:

  • 41% say they have felt guilty for buying a luxury product (and females are more likely than males to say they have) 
  • 66% say I can’t afford luxury products
  • 42% say I don’t care about having luxury things
  • 41% agree that luxury is a feeling, not a thing
  • Only 6% say a product has to have a luxury brand name in order to be considered “luxury”

 

Insight Results:

Our luxury search resulted in 187 Insight items from Ypulse’s archive, including Insight Articles, Millennials Quotes, Newsfeed items, and Quarterly Report content.

The article results delve into various facets of young consumers’ evolving relationship with luxury. Here are just a few our search pulled up for us:

SELLING EXPERIENCE: GIVING THEM SOMETHING TO TALK ABOUT: IfOnly is based on the idea that Millennials would rather spend money on experiences than products. We explored this concept in our Blurred (Luxury) Lines trend, where we told readers that 65% would rather spend $500 on front row tickets to an event than on a high end designer product and 80% would rather spend $5000 on a vacation with their family or friends than on a state-of-the-art home entertainment system. Millennials are redefining the luxury market to fit their needs—luxury can mean rarity, convenience, ease of access, or an uncommon event, all separate from that age-old notion of pretense—and in general, material luxury goods are being passed over in favor of social experiences…

SELLING TO MILLENNIALS: THE TOP 5 TAKEAWAYS FROM 2013: They want luxury on their level: Millennials are on the brink of outspending their Boomer predecessors, and will be the dominant group in purchasing power by 2017. Suddenly, luxury products that in the past might have lured consumers and built their brands around exclusivity and lavishness need to prepare for a new generation of consumers who aren’t necessarily looking for an elite-only experience. As wine importer Melissa Saunders was quoted, “[T]his generation is blowing all [the pretense] out of the water. They don’t care about the pretentiousness of a wine, they want something that is authentic and speaks to them. This is a huge marketing opportunity.” The industry is shifting to serve this generation…

 

Our search surfaced close to 20 Millennial Quotes of the Day, giving us a perspective on luxury from their point of view and in their words, including:

 

Searching for luxury also pulled up content from the most recent Ypulse Quarterly report (available to Gold subscribers here) which included a trend on the shifting definition of luxury for young consumers:

BLURRED (LUXURY) LINES: Do Millennials care about luxury? It’s a question we hear a lot, so we decided to do a deep-dive on the topic. The definition of luxury has blurred for the generation: Luxury can mean rarity, convenience, ease of access, material sourcing—all separate from that age-old notion of expense and pretense. Millennials are on the brink of outspending their Boomer predecessors, and will be the dominant group in purchasing power by 2017. But suddenly, luxury products that in the past might have lured consumers and built their brands around exclusivity and lavishness need to prepare for a new generation of consumers who aren’t necessarily looking for an elite-only experience. Even the word “luxury” might not resonate with them. Since the impetus for purchasing among Millennials centers on emotion, practicality, transparency and rarity, luxury brands must re-think the stories that they are telling to focus on what matters to this audience.