Millennials were supposed to be the next golden ticket for luxury brands


Millennials, shoppers between 18 to 29 years old are the fastest-growing luxury consumer segment. In 2011, they spent 31% more on luxury purchases than they did the year before; by 2015 Millennials are expected to be the largest consumer demographic and nearly a third of the U.S. population. Below a short description of main  Millennial features. They scrutinize brands, offer allegiance only to those whose premium price-points are justified and demand to know the origin of luxury products. It is no surprise that superior quality, craftsmanship, and design were the top three attributes that defined luxury in a 2011 report by the Luxury Institute. Luxury brands that want to grow will have to make emerging affluents aware of the human touch that goes into their products (the craftsmanship involved in the manufacturing process, from first stitch to final sale). Millennials do not want luxury purchases to be emblematic of who they are, but rather of who they want to be. Luxury brands that wish to excel in the emerging affluent market will therefore need to craft brand stories and marketing messages that focus as much on the quest as the destination.

A handful of luxury brands bold enough to take the social marketing digital dive serve as proof of the effectiveness of inclusive exclusivity. Consider Burberry: revenue jumped more than 20% after including aspirational and real consumers in pioneering social campaigns such as Art of the Trench. By creating an inclusive platform for brand engagement (and cultivating relationships with aspirational consumers), Burberry effectively increased its exclusivity among consumers who can actually afford their products. Source