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Opinion and Insight

How Affluent Millennials are Defining Their Tribe

Team One's Teresa I. Cruz considers the implications of the Global Affluent Tribe study

How Affluent Millennials are Defining Their Tribe

In a world where technological tools allow us instant access to just about anyone with a tap or a swipe, affluent millennials seek small networks of close friends, partly as stand-ins for family ties. These digital natives are known for their openness to try new things—they are early adopters who express their individuality through their lifestyle, work and friends. However, they are very discerning when it comes to their innermost social circle.
    
According to the latest Global Affluent Tribe research study, affluent Millennials have an increased desire to establish intimacy with a close network of friends. An increased appetite to get beyond their daily inertia and connect with the people, moments and things that are profound and have personal significance.
    
The latest research shows that 89 percent of affluent Millennials agree “I consider my close friends to be part of my family.” For the affluent Millennial, 69 percent agreed that their close friends share their values. Interestingly, close friends were considered to share their values, ranking just behind spouse/partner but ahead of their parents.
    
With a multitude of forces shaping the mindset, behavior and aspirations of affluent Millennials, it may come as a surprise that meeting friends through friends is still the main driver of connections. Accelerating values that focus on the curation of a tighter community of friends, and who they try to spend meaningful time with and consider a part of their family, is essential to this influential group of consumers.
    
Contrary to what we may believe, affluent Millennials have a desire to connect with close friends over more involved engagements, such as dinners, talking on the phone, weekend getaways and shared hobbies. While marketers might assume that Millennials in general are dependent on technologies and social media for connecting with friends, they are ultimately seeking quality interaction through in-person contact establishing kinship with their intimate friends. The affluent Millennial enjoys spending time with friends at cultural events and activities including live music festivals, museum exhibitions, charity events/activities and enjoying a night out. All of which are prime opportunities for luxury and premium brands to connect and establish relationships built around their values.
    
As luxury marketers seek to create meaningful brand experiences that are built around the values affluent Millennials align with, how can they help deepen relationships with this discerning consumer and foster increased intimacy with the people who support and inspire them?

Learn more about the latest study here.