Luxury is relative concept that, through democratization and globalization, has become ubiquitous and accessible to a wider range of people. This has shaken its identity and forced luxury brands to keep up with changes. Key drivers of this changes are consumers, especially younger generations, who perceive luxury differently than their parents or grandparents. The value of luxury is perceived through multiple perspectives, through dimensions of luxury value, each perceived as differently important. The aim of our research is to determine how Slovenian consumers who belong to generation Y and Z perceive different dimensions of luxury value and how this perception influences their purchasing decisions. Based on a literature review, we developed a questionnaire, collected data online, and analysed the results using statistical tools. We did not find statistically significant differences between generation Y and Z in the perception of different dimensions of luxury value. However, the results showed that the experiential dimension of luxury value is more important than the social dimension to both generations. Furthermore, regression analysis revealed that regression model as a whole with all variables included does not have a statistically significant impact on luxury perception as differences are not sufficiently explained by generation, gender, income and education. However, singel factor such as income level, taking into account a certain level of risk, can have a statistically significant impact on luxury perception. Our research contributes to a better understanding of luxury through the eyes of Slovenian consumers and opens opportunities for further exploration.
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