It’s obvious that millennials seek individualist styles, custom-made products, and experiences. What’s not so obvious is how to target them. For luxury brands today, it’s not enough to treat them as one homogenous group, their behavior differs widely by age and location.
According to the latest report by CBNData and the Bank of China’s Shanghai branch, affluent consumers between the ages of 23 and 28 in Shanghai are an important demographic that should be on the radar of luxury brands. Shanghai is a major center of luxury spending, with a large population and high average purchasing power. Referred to as the post-90s generation, millennials between the ages of 23 and 28 have started working and accumulating more disposable income. This has increased their willingness to spend.