Image: Vogue China
Our Brand Director Lindie Kramers' article Luxury for Millennials is More Than a Price Tag (Gulf News, 16 January 2017) describes how millennials' definition of luxury differs from that of previous generations. Lindie argues that brands must approach millennial customers differently or risk alienation or irrelevance.
"Millennials" refers to a hugely broad demographic group, and many reports stereotype them to some degree. Nonetheless, like any generation, they are inevitably marked by the social and political realities of their formative years and influenced by their peers. As strategists, we have to look with both scepticism and insight into research on millennials to find the key underlining deep trends.
Lindie describes how millennials still aspire to purchasing luxury goods, but only where brand values resonate with them on a personal level. "Millennials buy from brands because of what they stand for, as much as what they make, with a key emphasis on authenticity, collaboration, contribution and participation. Artificiality is a major turn-off."
Read the full article on Gulf News.
The piece is based on our recent insights report into Millennials and the Future of Retail.