CONSUMER BEHAVIOUR MODEL
Mothersbaugh and Hawkins, 2016
The Consumer Behaviour Model relates to all generational groups in differing ways, such as external influences of cultures and family opinions effecting the lifestyle and livelihoods of the individual (Mothersbaugh and Hawkins, 2016). With the decision process, the ways a younger millennial spends on luxury differs greatly to the way generation X would. An individual of generation X would have a longer process, analysing the problems and outcomes of a particular purchase such as a luxury car, whilst a millennial would view the situation differently, evaluating the purchase based on its trend, less so about its risk. With the increase in choice in luxury goods, millennials most likely view the luxury goods based on their desires, personality and attitudes, whilst baby boomers would engage with a product or brand from their perception and memory, linking back to their brand loyalty (Mothersbaugh and Hawkins, 2016).
The consumer behaviour of millennials is different to that of the baby boomers and generation X regarding the luxury market. Millennials desire more than just a product, and have the choice of so many options. In order to stand out to them, a brand or product needs to offer something individual and different. This brings an opportunity for brands to diversely change the way they market to suit the millennial consumers and gain their interest. Social media and technology very much plays a role in this, differing from baby boomers and generation X marketing techniques. Through the generational demographics developing and changing over the years, from baby boomers to the millennials, the behaviours of the consumer has very much transformed and reformed.
Brinded, L. (2016) Luxury Fashion Houses are Starting to Crack the Secret to Attracting Millennials. Business Insider. Available from http://uk.businessinsider.com/luxury-fashion-good-millennial-consumers-kanye-west-2016-2?r=DE&IR=T [accessed 13 March 2017].
Brown, G. (2017) The Millennials (Generation Y): Segregation, Integration and Racism. ABNF Journal, 28(1) 5-9. Available from http://content.ebscohost.com/ContentServer.asp?EbscoContent=dGJyMMvl7ESeqLU4y9fwOLCmr0%2Bep7FSr664TbOWxWXS&ContentCustomer=dGJyMPGqtlGzrbFMuePfgeyx43zx1%2B6B&T=P&P=AN&S=R&D=ccm&K=121353793 [accessed 12 March 2017].
Content Science (2016) Millennial Content Consumption Fact Sheet. Content Science Review. Available from http://review.content-science.com/2016/08/millennial-content-consumption-fact-sheet/ [accessed 10 March 2017].
Dannar P,R. (2013) Millennials: What They Offer Our Organizations and How Leaders Can Make Sure They Deliver. The Values of Leadership-Based Leadership, 6(1) 1-12. Available from http://scholar.valpo.edu/cgi/viewcontent.cgi?article=1073&context=jvbl [accessed 11 March 2017].
Danziger, P. (2015) Luxury Brands & Demographic Disruption: What’s Your Strategy? Unity Marketing. Available from https://unitymarketingonline.com/luxury-brands-demographic-disruption-whats-your-strategy/ [accessed 14 March 2017].
Dubois, B. and Duquesne, P. (1993). The Market for Luxury Goods: Income versus Culture. European Journal of Marketing, 27(1) 35-44. Available from http://www.emeraldinsight.com/doi/pdfplus/10.1108/03090569310024530 [accessed 13 March 2017].
Eisen, D. (2011) Millennials: The Next Wave of Luxury Spenders. Travel Agent, 338(12) 10-11. Available from http://eds.a.ebscohost.com.proxy.library.lincoln.ac.uk/eds/pdfviewer/pdfviewer?sid=53a48469-c320-4f0c-9f40-3c7dc7ae4942%40sessionmgr4006&vid=1&hid=4113 [accessed 15 March 2017].
Fry, R. (2016) Millennials overtake Baby Boomers as America’s largest generation. Pew Research Centre. Available from http://www.pewresearch.org/fact-tank/2016/04/25/millennials-overtake-baby-boomers/ [accessed 12 March 2017].
Geraci, J.C. and Nagy, J. (2004) Millennials: The New Media Generation. International Journal of Advertising and Marketing to Children, 5(2) 17-24. Available from http://www.emeraldinsight.com/doi/pdfplus/10.1108/17473610410814111 [accessed 15 March 2017].
Gilbert, J. (2011) The Millennials: A new generation of employees, a new set of engagement policies. Ivey Business Journal. Available from http://iveybusinessjournal.com/publication/the-millennials-a-new-generation-of-employees-a-new-set-of-engagement-policies/ [accessed 14 March 2017].
Howe, N. and Strauss, W. (2009) Millennials Rising: The Next Generation. Knopf Doubleday Publishing Group.
John F. Dini (2016) Baby Boomer Fun Facts. JohnFDini. Available from http://www.johnfdini.com/baby-boomer-facts [accessed 10 March 2017].
Keeling, S. (2003) Advising the Millennial Generation. NACADA Journal, 23 30-36. Available from http://depts.washington.edu/apac/roundtable/12-05-05_millenial_generation.pdf [accessed 11 March 2017].
Millennials Marketing (2016) The Millennial Minute: Affluent Millennials Driving Influence [video]. Available from https://www.youtube.com/watch?v=MfDbCblJKyo [accessed 5th March 2017].
Oracle (2015) A New Perspective on Millennials: Segmenting a Generation for Actionable Insights for Consumer Goods Companies and Retailers. Oracle. Available from http://www.oracle.com/us/industries/consumer/interbrand-cg-retail-cx-wp-2400662.pdf [accessed 15 March 2017].
Patterson, I. (2017) Changing Trends in the Baby Boomer Travel Market: Importance of Memorable Experiences. Journal of Hospitality Marketing and Management, 1-14. Available from http://tandfonline.com/doi/full/10.1080/19368623.2017.1255162 [accessed 16 March 2017].
Red Tree Leadership and Development (2012) The Millennials Takeover. Infographics. Available from http://infographics.idlelist.com/the-millennial-takeover/ [accessed 14 March 2017].
Rein, G. (2016) Think Tank: Why Millennials Are the Future of Luxury. WWD. Available from http://wwd.com/fashion-news/designer-luxury/millennials-luxury-spending-10417737/ [accessed 14 March 2017].
Sago, B. (2010) The Influence of Social Media Message Sources on Millennials Generation Consumers. International Journal of Integrated Marketing Communications, 2(2) 7-18. Available from http://web.a.ebscohost.com/abstract?direct=true&profile=ehost&scope=site&authtype=crawler&jrnl=19433735&AN=59970922&h=Y22IQ94wSPSAQ94QzFEcQfdWPmKMCTDH8YXyR5PC5Eo4658Ak4YZnmzsFBim3Ri3gOetzFFT9H1dcUJzbnR5TA%3d%3d&crl=c&resultNs=AdminWebAuth&resultLocal=ErrCrlNotAuth&crlhashurl=login.aspx%3fdirect%3dtrue%26profile%3dehost%26scope%3dsite%26authtype%3dcrawler%26jrnl%3d19433735%26AN%3d59970922 [accessed 19 March 2017).
Schiffman, L.G. and Wisenblit, J. (2015) Consumer Behaviour, 11th edition. Pearson.
Smith, Craig (2017) By the numbers: 220+ Interesting Instagram Statistics. DMR Stats. Available from http://expandedramblings.com/index.php/important-instagram-stats/ [accessed 12 March 2017].
The Financial Brand (2016) Not All Millennials Are Created Equal. Available from https://thefinancialbrand.com/58878/millennial-digital-banking-research/ [accessed 10 March 2017].
Walters, L. (2017) Generating Stereotypes: What makes a boomer a boomer, a millennial a millennial? And, as for GenX… New Zealand: The Press. Available from https://www.pressreader.com/new-zealand/the-press/20170311/281530815822934 [accessed 11th March 2017].