Meet the Young Affluents. The generation of 40-and-under consumers – almost corresponding to the Generation X and Millennial generations – is the “Want-It-All” generation that is advent into affluence with a ravenous appetite for the ‘good life.’ The fresh, unexpected needs and desires of the young affluents will be the most leading trend to impact the global luxury shop over the next decade and beyond. And savvy marketers need to be poised to meet the demands of this unique new force in the luxury marketplace.
Young affluents – consumers born after 1966 with rapidly rising incomes 0; will play an increasingly leading role in the target shop for global luxury marketers over the next ten to twenty years. This is true not just in the United States (with a midpoint age of 36.5 years) or in the European countries (where the midpoint age ranges colse to 40 years old), but in the developing luxury markets, like Brazil (median age 28.2 years), India (24.9 years) and China (32.7 years), where the population as a whole is more youthful.
Luxury marketers and retailers must 'think young' in order to understand the young affluents and to position their brands for the future in the industrialized and the developing markets. Luxury marketers must understand the unique desires of the young affluents, how they express luxury in their lifestyles today and how they will do so in the future.
What Do the Young Affluents Want and How Does It Differ from the Over 40 Crowd?
The global luxury shop is going young so luxury marketers must learn to think young in order to survive and thrive. Global luxury marketers have gotten used to the passions and nuances of the maturing Baby Boomers after so many years of targeting this generation with their luxury goods and services. Now they have a new challenge to request for retrial to the young affluents who have dissimilar ideas about luxury and dissimilar priorities in how they spend their wealth.
One key unlikeness that distinguishes the young affluents from the older generation of luxury consumers is their dedication to expressing their luxury lifestyles by acquiring more luxury goods. Older luxury consumers, by contrast, are more focused on acquiring new life experiences and are less materialistic in their buyer orientation. For example, in 2006 the most vibrant segment in the luxury shop was the young affluents. They spent a striking 31.9 percent more on luxury goods and services in 2006 than the over 40 year olds, according to the newest explore on the luxury shop conducted by Unity Marketing. Http://unitymarketingonline.com/%20</a>%20%20%0D%0A%0D%0Ayoung%20affluents%20have%20a%20ravenous%20appetite%20to%20enhance%20their%20lifestyles%20through%20luxury%20goods [http://www.unitymarketingonline.com/><a target=],%20notably%20luxury%20goods%20for%20the%20home,%20such%20as%20%20furniture,%20art%20and%20antiques,%20kitchen%20appliances%20and%20others,%20and%20personal%20luxuries,%20notably%20fashion%20and%20fashion%20accessories,%20jewelry,%20watches%20and%20cosmetics,%20perfumes%20and%20other%20personal%20care%20products.%20%20%20But%20young%20affluents%20are%20hardly%20slackers%20when%20it%20comes%20to%20enjoying%20luxury%20experiences.%20%20They%20spent%20just%20about%20the%20same%20as%20the%20older%20luxury%20consumers%20on%20luxury%20experiences%20in%202006.%0D%0A%0D%0Aluxury%20goods%20marketers%20take%20note:%20%20Young%20affluents%20are%20becoming%20the%20key%20target%20market%20for%20luxury%20goods%20marketers.%20%20Being%20younger,%20they%20haven">
Meet the New Luxury Target store - The Young Affluents
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