By 2025, studies project that Millennials will account for 45% of the global personal luxury goods market.
The Millennials’ decisions are based on impulsive decisions. They always want to make sure that they are following the latest trends and their mindset is self-directed. Thus they are more likely to buy for themselves than to impress others.
Moreover, we live in a generation where self-expression is highly applicable in fashion. Everyone wants to stand out, everyone wants to be unique and differentiated. By consuming products and brands, these millennials are able to deliver the identity they want to portray.
Since it is known that each brand has its own story and identity, and looking at the fact that millennials are all about making a statement and wanting to stand out, their tendency to develop an emotional attachment to a certain brand is very high. Thus being loyal to a brand can be easily developed.
Moreover, since millennials project their style and identity using their social media platforms, that is by using the brands that they are committed to, the brand’s visibility is automatically boosted, encouraging other millennials to try this brand, since they are influenced by each other.