According to the new study from Unity marketing, for the next luxury generation (generation x) Millennials already have been created a mapping for luxury brands in between now and after 10 years. There have been occurred a biggest transformation from the time when Baby Boomers was the core target market fir the luxury goods. But over the next few years it is shown that the leading force in the luxury market is controlled by Millennials.
After Baby Boomers a large generation is waiting who are highly educated and obviously they have higher income than the Boomers. It is the high time for marketers and retailers to understanding and analyzing the demand and appeal of the Millennials for luxury goods .Market needs to be organizes in the basis of Millennials demands to all sorts of luxury product in the life of Millennials. After the retirement of Baby Boomers there must be a change will appear in their life style which always be like downscale not upper scale .As a result Millennials will become the main target market for luxury brands there is no doubt. Last few years and upcoming few years are the year for Millennials when at the age 0f 35-54 naturally all people are engaging with higher income and earnings and this is the high time for starting to spending money for their luxury product. In few cases it is not quite natural for all Millennials because of unemployment problem. So they might be late for getting married and there is less scope to start family life .So they are unable to expending money for their luxury goods.
From market analysis Generation X gives Importance highly price and brands makes them feel more valuable and they also think that it is not important what friends and family think about their product. On the other hand Generation Y are slightly concerned about what friend think. For Generation Y outlook and brand are important .Although there is no big differences in the value of luxury consumption on average but there are still some key differences between Generation X and Y when it is the matter of personal consumption. There is a common phenomenon in our society is that only the rich and the elite people are main consumer for luxury goods. Now-a-days wealth and good income are considered insufficient for consumption of luxury goods. There is the question is the luxury value able to making balance with consumer deeper value.