The way that the younger generation In a society where social media and instantaneous communication rule, how is the concept of luxury passed down to the next generation? What principles do they hold dear, and how do they view luxury differently than their parents did?
In order to address these issues, 400 young people in France and the United States between the ages of 20 and 35 participated in a study conducted by Sociovision and Brain Value, two IFOP group subsidiary, at the request of Media Figaro and the Comité Colbert. China and the United States comprise the richest 7% in each nation. The study was enhanced in France by a survey of 400 individuals in the same wealth group who were a representative sample and aged 50 to 75. The research yields a wealth of findings that are worthy of notice.
from ancestry The way that the younger generation
First of all, she stresses that parents are still vital in exposing their children to luxury, especially in the era of social media. At least half of the young individuals surveyed in the three countries our study examines acknowledge that they got their preference for luxury from their parents. Statements like “My taste for luxury is a mixture of what my parents gave me and new tastes that I developed” and “My taste for luxury comes from my parents, I like what they passed on to me” demonstrate this.
Regarding the impact of brands: a shifting transmission
Even while family history is still important, brand marketing has a big impact on the younger generation. Even in this day of social media and numerous points of contact, brand communication and the celebrities that endorse it are still effective tools for acquainting youth with luxury. In fact, young people most frequently mention luxury brand advertisements (47 percent), luxury brand websites (44 percent), and celebrity endorsements (44 percent) when questioned about the many sources of influence that initially exposed them to luxury. Comparatively, 39% of inheritances come from family members.
The younger generation views luxury differently.
The concept of luxury is continually changing in this “age of possibilities,” as psychologists refer to it and the study addresses, as a result of advancements in technology and shifts in society. We find strong age impacts in the young people’s perception of luxury. Young people value the symbols of a fresh and promising world, which is why they are more drawn to novelty. Younger generations want more, whereas their parents’ generation supports businesses that emphasize expertise, high-quality products, and a deep historical history. They demand more. “Innovative brands,” “new brands,” and “brands that break the codes, not respecting the classic rules” are what they are searching for.
Young people value strong, distinctive brands, in contrast to their parents who choose subtle ones. They require brands that support them as they are active on social media and frequently look to others for social affirmation. Furthermore, 63 percent of young people (63 percent of young French people, 83 percent of young Americans, and 94 percent of young Chinese people) acknowledge that luxury goods “give them confidence” and that they are a guarantee of good taste and educated choice.
Luxury isn’t considered a “luxury” anymore for this generation.
By making the concept of luxury more ingrained in daily life, younger generations frequently reinvent the values associated with luxury. “Luxury is part of my daily life” is a sentiment shared by 63 percent of young French people, 75 percent of young Americans, and 92 percent of young Chinese people. By contrast, just 32% of their parents feel the same way. For young people, what was then and still is an extraordinary and uncommon experience has become commonplace. Young people who aspire to a sophisticated and fashionable lifestyle feel that luxury must create its own rarity in everyday life in order to make every day remarkable. They cannot be content with luxury in its rare form.
Attachment to the eco-responsible aspect of brands is another noteworthy characteristic of this age. A clear indication of the direction that luxury is taking is given by the fact that 83% of young people (including 74% of young French people, 81% of young Americans, and 95% of young Chinese people) claim that they “favor ecological and responsible products” when it comes to luxury.
The ageless principles of luxury that transcend generations
The timeless values of luxury across generations
Still, there are some notions of luxury that transcend generations. A number of values linked to luxury become apparent as the majority when young people’s answers are contrasted with those of their parents’ generation. These are the classic principles of luxury that cut across the years. First of all, youth see luxury to be associated with innovation and high standards of quality. According to 82 percent of respondents aged 20 to 35 and 93 percent of respondents aged 50 to 75, “luxury is above all quality products that we keep for a long time.” Similarly, 81% of youth and 88% of adults between the ages of 50 and 75 view the luxury market as “a very creative sector.”
Additionally, they link significant brands to extraordinary experiences; as a result, there is a generational consensus on the notion that luxury is an outstanding experience provided by major companies. Thus, luxury is defined above all as “an exceptional experience” by 82% of respondents aged 20 to 35 and 83% of respondents aged 50 to 75. In a similar vein, 81% of respondents (vs 83% of respondents) believe that luxury “is above all big brands” and that luxury “is above all owning rare things, which few people can afford.”
Just as they view luxury as a means of differentiating oneself through an affluent lifestyle. From age to generation, there are some benefits that are universally believed to come with luxury, most notably the notion that it helps you to “differentiate yourself, stand out from others”. Of those aged 15 to 35, this is the case for 73%, and for those aged 50 to 75, it is the case for 74%. Additionally, 79% of respondents believe that “luxury is above all the expression of social status”; this percentage is same for those between the ages of 50 and 75.