Through the past couple of years, we had the opportunity to see many changes in the luxury fashion market. There has been a shift from complete exclusivity towards a more inclusive fashion world. With social media and the rise of influencers, the exclusive luxury world began to open up, which led to the younger generations claiming their spot on the luxury market. Millennials & Generation Z have become the new prime targets of many luxury brands and it is expected that they will become even more important in the future. But, how is it possible that these young generations are so crazy about luxury, which up until recently was reserved for a more mature and elite set of people?
Millennials & Generation Z Are The Modern Luxury Consumers
Brands are recognizing the role Millennials & Generation Z play in the luxury market and hence are adapting to their needs. Now we can see how some brands have shifted in their branding, have become more sustainable, and created collections in collaborations with young designers and artists. For Millennials & Generation Z, connecting with a brand and its values has become the most important factor that influences all of their purchasing. So, let’s see what exactly are luxury brands doing in order to make the young crazy about luxury.
Social Media & Influencers Are Helping Brands To Create A Bond With Costumers
Millennials and Generations Z are customers that spend their time on social media communicating and connecting. So, it is no surprise that they expect the same from brands. It is all about an emotional connection with the brand and sharing values. So, one of the best ways to reach out is through influencers. Because we love and trust ceratin influencers and want to resemble them.
Collaborations Of Luxury & Streetwear Brands Appeal To Wider Audiences
As generations exposed to highstreet brands, Millenials and Gen Z love wearing their luxury items with high street, and even vintage pieces. Hence, it is no surprise that collaborations between luxury and street brands particularly reach out to them. From Louis Vuitton’s collaboration with Supreme to Balenciaga’s with The World Food Program, brands are showing that they care and can adapt to the modern luxury consumer. By collaborating with accessible high street brands or other organizations, luxury fashion houses are able to appeal to wider audiences and change the perception of being a brand reserved for just one type of consumer.
Modern Luxury Consumer Want A Personalised & Unique Product
With millions of clothing and footwear pieces to choose from, the new generations of luxury consumers want their items to be unique. Millennials and Generation Z want unique pieces that cannot be found anywhere else. So, they have a preference for exclusive and limited edition pieces as well as items that have a personalized touch. A way how brands responding to such needs is by offering personalization services to its consumers by having initials printed on the items or artisans paint on them. An example of a luxury brand tailoring to such needs is the french luxury fashion house Balmain with it’s pop up store that offered onsite customization.