Campaign
A luxury is something that demonstrates not wealth, but their own uniqueness - their experiences, their ideas, their story.
If millennials can inject their personality and perspective into a product, then it's going to be at the very least 'un-average', and, possibly, unique.
TrendWatching
Status has become less about "what I have" and much more about "who I am"'
Stylus
Acknowledging the booming millennial appetite for personalisation, shrewd luxury retailers are investing in new modes of customisation, both on and offline.
WGSN
To thrive in an ever-competitive environment, luxury brands should invest in three key areas between now and 2020, according to new research by global trend forecaster WGSN.
The WGSN report, ‘How to Attract the Luxury Consumer in 2020’, was launched today at the annual Walpole Press Day, revealing the top three most effective trends to lure luxury consumers over the next five years. According to Walpole members, the top three most effective trends will be exclusive collaborations with relevant partners (78%), secret and exclusive brand experiences (59%) and personalised online experiences (e.g. notifications) (53%).
Two key trends – the rise in omnichannel purchases and the need for physical experience – have prompted what WGSN calls the ‘phygital’ tsunami: physical retail experiences, combined with digital browsing. The survey was formed from this concept to understand the most engaging and relevant tactics to bridge the gap between online convenience and offline experiences.
Retail Dive
Millennials are not passive consumers. They are curators and creators, appreciating personalization and the ability to share their voice.
Luxury firms should give consumers a feeling of ownership over the brand story, ensuring luxury brands are aspirational and accessible.
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