Research into luxury’s perceived value and purchase intentions has generally focused on millennial consumers in developed countries. This has led to a lack of theory on how millennial consumers in developing countries perceive luxury. To fill this gap, this article explores the effect of the perceived personal value of luxury, incorporating hedonism and materialism, on luxury purchase intentions among Moroccan millennials. The main research questions are: How does the perceived personal value of luxury influence Moroccan millennials’ purchase intentions? What roles do hedonism and materialism play in this perception? A qualitative exploratory study conducted through 10 semi-structured interviews with Moroccan millennials who consume luxury enables us to grasp the relevant dimensions of this perceived value. The results show that hedonism and materialism strongly influence luxury purchase intentions. Moroccan millennials value luxury products for their tangible and lasting quality, integrating them into their daily lives for pleasure and emotional well-being. The managerial implications indicate that companies need to segment their markets according to these personal values, adapting their marketing strategies to offer customer experiences enriched by sensory and emotional aspects, while emphasizing the quality and durability of their products.