Hearst Magazines UK and media agency M2M have revealed new research conducted by strategic research consultancy Acacia Avenue of how Millennials (aged 20-early 30’s) are changing the shape of luxury in the UK. Commissioned on behalf of Hearst Magazines UK, it highlights new opportunities for brands, as luxury becomes less defined.

It shows how the definition of luxury has shifted and broadened among consumers of luxury brands. It also highlights that the definition of luxury shifts dramatically according to age and life stage, with significant differences in how Millennials and Boomers, (Mid 50’s–65) explore and consume luxury brands.

Key findings include:

• Luxury consumers want to “discover” products and are wary of over-exposure
• 32% of Millennials describe their purchases as ‘exclusive’ compared to 22% of Boomers
• 54% of Millennials feel that when luxury brands become easily accessible, they cease to feel luxury compared to 32% of Boomers
  
  There is a new language of luxury:
• Younger consumers care more about the ethical and environmental impact of luxury brands – 14% compared to just 3% of Boomers
• 21% of Millennials see luxury as “fun” compared to 12% of Boomers
• 21% of Millennials interpret luxury as “personalised” compared to 15% of boomers
• 24% of Millennials see luxury as a product of their success compared to 12% of Boomers
  
  Magazine brands have a unique role to play in how consumers choose luxury products:
• 41% of Millennials say their luxury purchase was initially influenced by something featured in a printed magazine
• Millennials are much freer with their interpretations of luxury. Qualitative research reveals that they are happy to blend old with new and high street purchases with designer items
  
  Millennials are re-shaping the consumer journey for luxury:
• After an upfront online search, 47% of Millennials turn to social media when thinking about alternatives, compared to 3% of Boomers, who apart from the initial online search, follow a more traditional path to purchase
• Prior to final purchase, Millennials turn to technology to seek reassurance from their peers with 34% talking about it via text/chat/messaging, compared to just 4% of Boomers
• Post purchase, Millennials turn to social media to reinforce their buying decision, with 22% sharing it for validation, compared to 4% of Boomers

The insights shed light on the lives of UK adults aged 25-65 who have bought a luxury item in the last six months, and have a disposable income for luxury products. Participants were luxury consumers spanning three different generations: Millennials, Generation X and Baby Boomers, and three income strata: Ultra High Net Worth (£5m+), Premium (£80k-£500k) and Masstige (£35k-£100k). There was an even spread of male to female participants, all UK residents for at least five years and 50% engaged with monthly magazines (via print, online or app). The findings also include insights from experts including an investment manager, haute couture wedding dress designer, art dealer and a luxury travel agent. Methodology consisted of a mixture of in-depth interviews, an online community blog and an in-depth quantitative study comprising over 600 luxury buyers.

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Hearst Magazines UK in 'in-house PR'