Market desire for experiential purchases over acquiring stuff

– what upscale home brands need to know and do.  

Luxury millennial shoppers were asked “if you were looking to buy a present for our partner/family member and had a generous budget, would you choose a luxury branded product or an experience (e.g. concert tickets, weekend away, fancy dinner, etc.)?” Over half of US millennials who are prone to purchase luxury items chose the experience in a 2017 Deloitte study. Similarly, millennials were asked what they would they would spend hypothetical lottery winnings on in a 2016 study by Mintel. 57% chose vacations, versus only 34% who selected clothing or accessories.

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