Here's why all luxury brands need to embrace millennials soon
By 2035, millennials will have the potential to become the largest spending generation in history, according to the white paper “Five Luxe Trends for 2015,” which was written by marketing expert Pam Danziger. They have also redefined the term luxury, which no longer refers exclusively to expensive bags, shoes and watches, and now includes experiences like farm-to-table dining and “über-luxe” travel.
Studies have shown that millennials prefer experiences to things.
This year, Instagram is taking the fashion world by storm. According to a digital marketing research, there has been a 400-percent increase from last year in the Instagram posts of fashion brands. Designers are focused on giving Instagram influencers special treatment and access to their shows and collections.
Both Louis Vuitton and Burberry are top contenders for millennials. They know how to speak to them. On the one hand, Louis Vuitton is featuring a pink-haired video game character from “Final Fantasy” in its spring campaign. On the other hand, Burberry has collaborated with Apple to create an exclusive curated channel on Apple Music to engage fans in the digital space.
The luxury brands that will capture millennials’ minds will have authentic, original content. They will not be afraid to play in the digital space and appeal to independent thinkers in new and interesting ways. They will be the arbiters of coolness and will make unexpected connections.
If millennials are the future, luxury brands need to rise to the challenge and embrace them.