COP III - Defining the Brief

1. Research question: How are millennials redefining the luxury sector?

1a. Is it viable...

What is there to study? (Ontology)

• Canons of the millennial generation.
• Millennials as digital natives.
• Millennials as consumers of luxury.
• The differences between millennial consumers of luxury and the archetypal consumer of luxury.
• Millennial consumption methodology.
• Luxury brand strategy.
• Changes and trends within the luxury sector.
• Stereotypes of millennials

How can we know about it? (Epistemology)

• Online content and articles.
• Books, journals, essays, reports etc.
• Research of luxury sector cues.
• Projections for luxury sector.
• Luxury brand channels (digital, print, social media etc.)
• Analysis of millennial behaviours and ideologies.
• Analysis of changes within luxury firms' strategies.
• Self-reflection (as a millennial).

How do we study it? (Methodology)

• Exploration of revised luxury brand strategies targeting millennials specifically.
• Analysis of luxury firms successfully engaging with the millennial generation.
• Creation of a strategic campaign reflecting the luxury sectors present situation regarding target demographic(s).
• Feedback on devised strategy and consideration of millennial appeal. 
•  Comparison of successful luxury sector strategy and proposed solution.

2. Defining the design problem:

'Luxury' is fundamentally considered by society as high-quality merchandise with a substantial price tag and promise of exclusivity, craftsmanship and unique quality. Over recent years the luxury sector has been subjected to a sizeable shift in the market's consumer base and culture. The sector is changing, with the face of affluence becoming harder to recognise as a result of the influx of millennials (those born between the early 1980s and early 2000s) and their generation-specific behaviours. No longer are the societal elite and super rich the sole target for luxury brands, meaning the introduction of new strategies is required alongside major re-thinking from firms relying on brand-heritage alone to create appeal. While this evolution of the luxury market brings new potentials and opportunities for high-end brands to reinvent, extend and reach further audiences (and therefore generate more profit), it also creates a number of new challenges that come exclusively in conjunction with the millennial state of mind. Millennials have entirely different perspectives and expectations from the brands which they consume — this forcing brands to make the seismic decision to either choose a single audience and serve it exclusively or alternatively adjust brand strategies to serve multiple audiences of the market simultaneously whilst maintaining integrity and identity. Furthermore, as a part of the digital revolution, this emerging luxury consumer has become accustomed to a sense of immediacy; technology has introduced a lifestyle through which products are attainable at the touch of a button — this meaning tech-savvy millennials have an enhanced perception of possibility and higher expectation from the brands which they align themselves with. Additionally, for this particular cohort at least, it is no longer all about the product as millennials typically place greater value on experiences as opposed to products. 

3. "Client" needs or requirements:

Luxury firms must find a way to engage the millennial demographic as the projected future consumer majority while maintaining a dialogue with the present consumer base (previous generations) whom still hold greater spending power within the sector. 

4. Audience:

Millennials as a cohort share primary concerns with digital perspicacity, convenience, personalisation the and experiential - therefore any resolutions must engage these consumer-specific desires without alienating the wider luxury demographic as a whole.   

5. Mandatory requirements: 

Any resolution(s) must aim to alleviate the shift in the luxury sector's primary consumer base by providing a product/service/experience that is accessible to luxury consumers as a whole, however, should consider the growing millennial presence and their impact on the sector in the present and beyond.