How Millennial Consumers Have Increased the Demand for Luxury Brands

Abstract

This thesis researches how Millennials consumers have increased the demand for luxury brands. The global luxury market has experienced a steady growth during the past decade, exceeding €1tn. in 2015 and, perhaps surprisingly, Millennials have largely contributed to this growth.

In order to give insight to the topic, the research starts by explaining why consumers consume in general, followed by a discussion defining what luxury brands are and why con- sumers desire to purchase their products.

The research then provides an introduction to the Millennial consumer by explaining how the members of this generation have grown up and which traits make them unique as consumers in comparison to other generations. After this section, the research focuses on the relationship between Millennials and luxury brands and how this generation has increased the demand of these brands. The research then presents the results of the primary research, which was conducted in order to test and support the arguments of the literature review in regard to how Millennials have increased the demand for luxury brands.

The final part of the research includes a conclusion of the topic, presents limitations, and suggests further research.