WASHINGTON and NEW YORK and LONDON, Oct. 30, 2015 /PRNewswire/ -- MarketResearch.com published a blog post this week highlighting how millennials are reshaping the U.S. luxury market. As more and more baby boomers reach retirement age, millennials will become the leading force in the consumer market, and they will help create a new definition of luxury in the years to come.
Check out the blog: http://hubs.ly/H01llFs0
The millennial generation consists of 80 million Americans. Over the next decade, millennials will hit their peak earning years and become the largest spending generation in history. Because of this looming generational shift, it is crucial for brands to gain customer loyalty in this key demographic as soon as possible.
Millennials differ from other generations in a number of ways, but two of the biggest are that they are earning less money and have high student loan debt. They also place more value on leisure time, vacation, and work/life balance.
The key to marketing luxury items to millennials is creating the right story and message. Using cause-related marketing, engaging influencers, and leveraging innovative technologies are ways brands can connect to millennials.
To learn more about other trends affecting the market for luxury products and services, check out our free white paper: http://hubs.ly/H01llHs0
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