Are Millennials really redefining luxury? A cross-generational analysis of perceptions of luxury from six countries.

Baby Boomers now retired, Millennials — also called Generation Y — already represent a fourth of personal luxury sales. Yet industry experts warn that Millennials are not merely a new generation but also a disruptive one and that luxury should be redefined on Millennials' terms. To assess the reality of these new terms, 3,217 real luxury buyers were recruited between the ages of 18 and 75 years across six countries (United States, China, Japan, Germany, France, Brazil). The results show that the essential traits defining luxury remain identical across generations but that small differences have emerged concerning peripheral luxury characteristics. On the other hand, there are strong differences between generations in the benefits expected from luxury consumption. This paper discusses the theoretical and managerial implications for luxury brands. [ABSTRACT FROM AUTHOR]