Millennials Are the Future
A Millennial is defined as anyone born between the early Eighties, an era that predates the mobile phone, to the early 2000s, crowned as the Internet age. Although it might seem that this section experienced a rapid jump in technology, Millennials are connected through their common mind-set which is largely considered to be disruptive, free-thinking and individual. This sub-set is 80 million strong and have the potential to become the largest spending generation in history which is why luxury brands what to woo them now.
Changing the face of luxury forever
Whereas luxury was a term previously conserved for the realms of watches, shoes, and bags, nowadays Millennials are using it to describe anything from tableware to travel. The fact is, Millennials choose experiences over things and, so, luxury brands need to re-evaluate how they proposition luxury as an experience. One way fashion-houses are looking to channel this is by creating interaction way beyond the runway, giving Instagram influencers special treatment and access to shows. Essentially trying to get Millennials to fall in love.
To some, this investment in a younger demographic might seem fruitless – after all, how many millennials have enough disposable income to spend on a designer bag? However, fashion houses know that the journey towards luxury brand investment starts as a series of stepping stones – a Burberry fragrance at school, a scarf at University, a trench-coat with the first bonus. The key is to engage loyalty in its infancy, to reap the rewards later, so long as each branded experience serves to strengthen affection. The goal is to get ordinary people to aspire to own amazing things, so that, one day, those amazing things form part of the normality.
Loving Louis Vuitton, Bigging up Burberry
So, with the strategy in mind, which brands are successful in really speaking to the core of Millennial fans? Both Louis Vuitton and Burberry are credited with getting to the core of what makes a Millennial tick, with celebrity ties and contracts with the faces of the moment (including Cara Delevingne and Gigi Hadid). Louis Vuitton even have a campaign inspired by the character of “Final Fantasy”, a strong and powerful female character adored by gamers worldwide.
However, it’s not just the marketing strategy that serves to lure in Millennials but also the product proposition. Both LV and Burberry have products which range in value from hundreds of pounds to thousands of pounds – which ensures a fan can engage with multi-levels of products and experiences throughout their lifetime.
What’s been proven is that the brand that will capture the hearts and minds of Millennials will be authentic with the ability to produce original content. They will have to pivot between digital space but be able to appeal to independent thinkers in real-time, through original experiences and interesting spaces. If luxury fashion brands cannot get Millennials attention now, they are not going to get their attention later down the line.
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