鎖定千禧年世代之商業策略：以Tiffany & CO.為例

Abstract

Millennials, defined as those born between the years of 1981 and 1990, are now that largest generation that exists today, and in 2017, this generation surpassed the Baby Boomer generation (born between 1946 and 1964) in spending power. Millennials currently wield about $1.3 trillion in annual buying power and are estimated to have the most spending power of any generation reaching $3.39 trillion by the end of 2018. As the experiences that shape the millennials’ formative years differ from other generations, their spending patterns and preferences are also vastly different than those of previous generations. A key difference than the previous generation is the prevalence of technology; the millennial generation came of age during the internet explosion and have had adeptly adapted to a lifestyle of constant connectivity, on-demand entertainment, and information at their fingertips. It becomes the more imperative then, for luxury brands to understand the consumer behaviors and values of this generation. Marketing strategies that were aimed at previous generations will not resonate with this new generation, and thus luxury brands will be unable to connect and develop lasting emotional connections with these consumers. To engage these customers, brand companies must also ensure that their omnichannel marketing strategies are complementary with and cater to the Millennial consumer’s purchase journey, as well as a streamlined process to encourage click-through-rates and transaction-conversion-rates. A case study on Tiffany & Company will enable an exploration into how luxury brands can utilize their strategic marketing plans to resonate and connect with the millennial consumerism values without foregoing their existing relationship with their core consumers.