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Issue Date: 2010
Citation: CHIA PIN SIN JANIE (2010). YOUNG ADULT LUXURY CONSUMERS. ScholarBank@NUS Repository.
Abstract: There is a generational shift in the global luxury consumer market, as young adult consumers are rising to become the dominant and influential segment in the luxury market. These young adult luxury consumers, who have different needs, tastes and attitudes from the older generation of luxury consumers, are of strategic importance to luxury brands' growth and sales over the next decade. However, little is yet known about the emerging young adult luxury consumers as there is a lack of in-depth research focused on them. Thus, the overarching objective of this study is to provide a deeper understanding of young adult luxury consumers. Specifically, this study employs a qualitative approach to investigate their meanings of luxury, consumption motivations, attitudes towards luxury consumption, and values and lifestyles pertaining to luxury consumption. The sample consists of 20 Singaporean young adults aged between 19 to 28 years old. This study yields detailed insights on young adult luxury consumers that lead to important implications for luxury brands in strategic decisions and various aspects of their brand and product management. Key findings pertain to how the meanings of luxury and consumption motivations have evolved for young adult luxury consumers to become more privatised and personally-oriented, and to the introduction of a new consumption motivation. Another important finding is the young adult luxury consumers' pragmatic attitudes towards luxury consumption. There are two dimensions to this pragmatic attitude, evaluative opinions on the 'value' of luxury goods and bargain-focused attitudes. These two dimensions combine to form a matrix where four types of young adult luxury consumers are identified. Other findings are on young luxury consumers' interest in luxury goods, personal rapport with luxury goods, the mythical and symbolic values attached to luxury, and the values and lifestyles pertaining to luxury consumption.
Appears in Collections:Bachelor's Theses

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