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How, Where and Why Millennials Make Luxury Purchases

August 4, 2017

It’s no secret millennials have a complicated relationship with money. Their spending habits can be erratic and their desires unknown at times. However, when it comes to luxury items they can be very predictable. A recent study by Deloitte found that many luxury purchasing decisions made by millennials were influenced heavily by social media. One in five participants between the ages of 20 and 30 said that social networks were the main tool they used when thinking about making a luxury purchase. Social media has a very distinct influence over the younger generation. This comes as no surprise as many millennials can spend several hours a day on social media and the internet.  The results of the study differed by country. For example, Chinese participants expressed a higher interest in luxury items while the US and Italy expressed less interest overall. According to the study, 6 out of 10 millennials still prefer physical stores over shopping online. The digital age still has some catching up to do as physical stores remain the top destination when making a luxury purchase.

How, Where and Why Millennials Make Luxury Purchases