The emergence of millennials with significant disposable income is a key demographic trend across Western Europe, and is already having a dramatic effect on brands that aim to attract affluent and luxury buyers.
“By 2024, 50% of luxury product buyers will belong to the Millennial generation,” Javier Seara, a fashion industry luxury goods expert at Boston Consulting Group (BCG), said recently in Germany-based newspaper Handelsblatt.
eMarketer’s latest report, “Affluents in France, Germany and the UK: Savvy and Demanding, Both Online and Offline,” looks at the demographics of affluent consumers in these countries, their media use, and how luxury brands are shifting tactics to market to them.
Affluent millennials exhibit the same now prevalent behaviors and attitudes that make it difficult to market to digital consumers in general, including fragmented time across devices and a generally poor opinion of digital ads. But it’s their high use of ad blocking that makes them particularly difficult to reach.
Nearly 40% of affluent internet users in the UK used an ad blocker in the first quarter of this year, according to GlobalWebIndex, while more than 40% of affluent internet users in France and Germany also did so.