Luxury brands are overall doing a satisfactory job of meeting the standards of younger high-end shoppers who are notably more approving than baby boomers of current trends in several areas, says the ‘State of Luxury 2015’ survey by the Luxury Institute. The four qualities cited as essential for a luxury firm by a majority of U.S consumers from households with a minimum annual income of $150,000 are superior quality (74 per cent), craftsmanship (58 per cent), service (52 per cent), and design (51 per cent). On each of these criteria, wealthy consumers under the age of 50 are far more likely than their older cohorts to agree that companies today are executing better than they were in the past. Millennials are more than twice as likely as boomers (43 per cent versus 19 per cent) to say that quality is improving. In addition, a far greater share of millennials (43 per cent) than boomers (15 per cent) reports a perceived increase in the investment value of luxury goods. Millennials, younger than 35 years of age, and genXers, between 35 and 49, are also much more inclined than baby boomers to applaud improvements in custom products, personalized offers, loyalty programs, customer recognition, and the ability of a company to anticipate their needs. However, despite relatively high satisfaction, younger consumers still see plenty of room for improvement in quality, craftsmanship, and customer service.
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