How Luxury Brands Are Reaching the Younger Generation

According to Deloitte, the projection of millennials vs. boomers in the luxury brands market is 99 million millennials against 77 million boomers. Clearly, the millennial generation has an affinity for buying luxury items. However, to efficiently engage with millennials brands need to rethink their marketing strategies.
 
What millennials expect from luxury brands differs from what the previous generations want. Millennials are also advanced in using the latest technology for everything in their daily lives. This factor has already changed the luxury industry and will continue to do so. A study from Altagamma and Boston Consulting Group Confirms that we are set for a drastically different luxury market by 2025, and millennials will be the ones driving this transformation.
 
Millennials are experience seekers, which means they are defined by what they can experience and the value they can get from it rather than just the product itself. Millennials also want to connect with luxury brands before buying their items. As important as it is to connect with them via social media, it is also vital that they see these luxury items in magazines and other print media. It may be a surprising fact, but millennials do read more printed media compared to Generation X or even Boomers. That’s because millennials are very research-focused, they like to know as much as possible about the brand and the product before making a purchasing decision.
 
With new technologies actively entering the luxury industry brands should start integrating them into their marketing strategies. NFTs, immersive experience and gaming are all new channels for communication. Exclusible has a proven track record in working with brands to develop and launch complex Web3 marketing strategies in many industries, including fashion and luxury ones.