Newly minted millionaires often purchase storied luxury brands as a way of expressing their arrival among a wealthy global establishment. This is especially true in China, where all money is, to some extent, new money. However, a recent report by Agility Research & Strategy suggests the best way to capture the attention of luxury millennial consumers is with innovative technology, not heritage and tradition.
In its Affluential Monitor Report, Agility Research interviewed close to 3,000 affluent respondents from across China, Hong Kong, Japan, South Korea, Thailand, Malaysia, Singapore and Australia. One of the 12 insights they offer for luxury brands in 2018 (see below for the complete list), is that, for millennials, innovation and technology trump heritage and history.