Defined as cultural (context and independence), economic (opportunities based on wealth), and ecological (threats due to society, disease, and stress) factors that impact the overall value system of consumers. Macro-contextual factors shape personal values.
Published in Chapter:
There Is No Such Thing as the Millennial: A Cross-Cultural Analysis of Luxury and Prestige Perception Among Young People in Switzerland and South Korea
Camilla Pedrazzi (School of Management and Law, Zurich University of Applied Sciences, Switzerland), Fabio Duma (School of Management and Law, Zurich University of Applied Sciences, Switzerland), and Maya Gadgil (School of Management and Law, Zurich University of Applied Sciences, Switzerland)
Copyright: © 2021
|Pages: 31
DOI: 10.4018/978-1-7998-5882-9.ch013
Abstract
In this chapter, the authors present a cultural comparative study of how millennials in Switzerland and South Korea define and perceive luxury and prestige and how this might influence their luxury consumer behavior. Labels, such as GenX, millennials, GenY, or GenZ, are often used to distinguish cohorts of individuals based on their shared generational experiences and characteristics. However, as previous research shows, mere membership in a generational cohort is not a sufficient explanation for consumption patterns across geographies and cultures. Given the size and importance of the global luxury market and the degree of internationalization of luxury companies, a better understanding of the luxury consumer and the impact of their macro-context is vital. The results of the present study indicate that economic as well as cultural factors have an impact on the definition and perception of luxury among millennials and might also explain differences in consumer behavior.