Each generation has its own significant characteristics and their affected by the changes of the world as well as they changed the world. It is obvious that this really need to give space for new generations to rule the world. At present due to the advancement of information technology huge amount of information is now as distance as mobile phone. On the other hand, it is also criticised by the researchers as the optimistic view reveals them as open-minded, energetic, confident, ambitious, innovative, smart and motivated. The most common idea among them is that they love to buy. This study will reflect upon the consumer behaviour and the source for customer relationship management program in context of luxury goods Rolex. It is significant to evaluate the patterns and those motives beyond the customers buying behaviour. The prime purpose of this research is to find out the consumer behaviour of the millennials are different from the other generations.
Generation X and Y
The Baby Boomers have been described as individualistic and competitive free-agent with strong interest in self-fulfilment through personal growth and prosperity. They lived through and actively participated in political and social transformations which may include civil rights and movements. This group has demonstrated a strong work ethic and high job involvement (Jackson, V., et al. 2011). It also leads to economic security and carrier success. Generation X behaviour are there are only disillusionment with cultural icons, ongoing preoccupation with the Internet and their seemingly infinite ability to simplify, streamline and enraged activities and relationship with their day-to-day activities.
Brand image of rolex
Forbes 2016 reports that, Rolex is the leading name in luxury wristwatches. It is headquartered in Geneva, Switzerland, but relies on 4,000 watchmakers in more than 100 countries. It created the world's first waterproof watch in 1926. Operating profit margins for the brand hover around 30%. Rolex has a major presence in the sports world with endorsements in golf, motor sports, tennis and yachting. Some of the world's most famous athletes pitch Rolex watches including: Tiger Woods, Phil Mickelson, Roger Federer and Lindsey Vonn. total equity and brand value $8.8 billion and total $4.7 billion. the brand ranked 6th in top luxurious brand and 64 world most valuable brand in global context.
Rolex is one of those brands that could go centuries without changing because its image is built on being a reliable and timeless classic. This creates a unique challenge. How can we have a fresh, innovative content marketing strategy for an old-fashioned brand?
To create a name and image in the market the owners had devised some attributes associated with watch and they never compromised in watch industry. All there watches have these specific attributes. They use the finest and purest materials for their watches and all their watches are waterproof and windproof.
Kotler, P., et al. (2014) stated that the Millennials are always keen to pauses luxury branded products and services in line who read their good pay and benefits. On the other hand a generation Y customer strongly believes on the necessity of the product and the value rather than the brand name. In order to differentiate between the consumers buying behaviour based on generation X and generation Y customers. It is observed that the party’s decision-making process for generation Y. Mostly depends upon the necessity of the product rather than the social status. On the other hand, for generation X it’s vice versa. At present into this prospect the consumer buying behaviour strongly depends upon their knowledge and respected understanding and insight. Generation Y strongly believes that there should be a significant relationship between the demand and the purchase process of the product and services. In this stage income present with the baby boomers the millennials has different concept based on their mental state and psychological taste towards brand loyalty. In this stage the marketing for luxury products depends on the marketing strategies such as promotion, selling and distributing techniques for significant age group of customers. This it is important to differentiate between the value perception of luxury branded products and the demand in context of generation X and Y customers based on their lifestyles and values.
Comparison between generation X and Millennials
When comparing with generation X, Millennials is also reflecting a different pattern which guides their purchasing behaviour. From the early stage, it is observed that generation Y customers have proven themselves as independent and self-aware. In order to context of luxury products, There is less chance for the generation Y customers to prove themselves based on their buying power. On the other hand, generation X strongly believes on displaying their status by using the luxury brand products rather than considering their individual necessities. Therefore, it can be observed that the millennial customers are more motivated to words the red-blooded brand products as well as customer loyalty to improve their social positions. On the other hand, generation Y customers are keener about value for money rather than spending money on expensive products. Therefore, prep purchase and post purchase decision-making are differentiated between generation X and generation Y.
According to the Deal,et al. (2010) it is observed that a the value perception for luxury products. In context of generation X and Y are largely neglected in United Kingdom. It mainly focuses on consumer value and purchase behaviour veins buying personal luxury brands such as Rolex. In order to investigate the consumer buying behaviour for luxury goods, the marketers has taken into consideration some key determinants such as supply chain, promoting environmental sustainability as well as social symbolism of the product. It is consequently critical and challenging for the marketers to get a complete picture of the target group of customers due to the different stations in concept and taste meeting generation X and generation Y. Previous studies and research reflected that the luxury brands carries significant value for generation Y customers as this stands for the privilege. On the other hand generation X considers the luxury goods as status by redefining the luxury brand (Wiedmann, et al. 2012). In addition it is also observed that to establish customer relationship management luxury branded products and services plays a significant role for the generation X customers by creating value propositions and Rolex brand loyalty. On the other hand generation Y customers are more responsible in context of product knowledge and service quality rather than social status.