AFFORDABLE LUXURY CONSUMPTION AMONG OF RUSSIAN MILLENNIALS

The article is devoted to the issue of conspicuous consumption of affordable luxury among representatives of Generation Y in Russia. Conspicuous consumption refers to competitive waste practices aimed at showing others belonging to the upper social class through the use of specific status symbols - luxury goods. Luxury goods can satisfy utilitarian, hedonistic and symbolic (social, status) needs. Multiple factors, including social and cultural, can influence consumer motivations. In the conditions of import substitution, it is strategically important to study the motives for consumption of luxury goods by multicultural Russian society in order to develop promotion strategies by producers of goods and services and the development by the state of new axiological guidelines for social policy. Millennials appear to be the most relevant luxury consumer group in scientific literature, therefore they were chosen as the object of study. According to the results of our two-stage sociological research, Russian millennials have the highest preference for goods such as clothing and electronics, while the most famous and desirable brand for them is Apple. The focus group research conducted showed that the price of the iPhone is not commensurate with its quality, Apple's products are not the most advanced compared to similar devices, there are numerous restrictions related to economic sanctions against Russia, and yet respondents showed great brand loyalty. The focus group study identified key motifs of Russian millennials' consumer behavior - ostentation (as opposed to utility and hedonism), as well as the urge to belong to a group of affluent consumers in order to << keep the front going >>. A conclusion is made about the need for Russian society to transition from a model of total consumerism to a model of responsible consumption, in which luxury producers and the state will play a key role.