Buying Behaviour of Generation X, Y and Z Consumers: A Study on Luxury Products

Abstract

In this day and age, luxury brands have exceeded their horizons from being limited to the rich and elite with a significant rise in expenditure. There have been a lot of discussions about millennials, Gen Z and Gen X customers online and in the media about the way they interact with luxury brands and the effects of generational changes. Quality and quantity are some of the important factors when it comes to choosing luxury products. It is observed that millennials are selective on the trends and brands before spending.

Brand integrity and customer satisfaction are some of the major factors that attract today’s customers. Innovative technology and digital presence are also very much important for the luxury brands. In this study, we have narrowed down our focus on luxury goods. This study is going to help marketers and luxury brands to develop an in-depth understanding of purchase intention and customer values of all three generation cohorts.