Around the world, consumers are always looking for a good taste of a good life. In a place where the quality of life is changing so quickly for so many, trading up taps directly into the psyche of consumers who want to enjoy & to display their new prosperity. They want to show as early as possible that they have “made it” & ready to serve themselves with products or services in “premium” tier - which is defined as product or service that cost at least 20% more than the average price of the category. Shopping mission now is focusing to fulfill wishes more & more often instead of just satisfying needs. Hence, millions of consumers are increasingly reaching for the shelves with products of the highest quality, prestige & elegant league.
Currently, top segments of the luxury & premium markets are still dominated by old-gen buyers who’ve gained high social status & had strong purchase power. However, they are becoming supplanted by a new generation, the much-talked about “Millennials” who have more sophisticated social patterns & values of life. And this study identifies the attributes that Millennials are looking for in premium products/ services & reveals the underlying sentiment behind the reasons for their purchase. We also explore what “premium” means to them & the categories’ attributes for which they’re most willing to pay a higher price.
SOME HIGHLIGHTED FINDINGS:
• Panel source: INTAGE Mobile Panel
• Target: Male/ female 23-38 years old
• Sample size: N = 459
• Area: HCMC & Hanoi
• Fieldwork timing: Nov 2019
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