they want timelessness, but they don’t care about heritage

As a follow-up to the previous post, here’s a video from the L2 Generation Next Conference, which focused on luxury for Generation Y (us!). There’s also an article that distills the lecture, if you would like a quick and dirty read on it: 5 Things Luxury Execs Need to Know About Gen Y

I’ve re-posted the five things here, but do watch the video or read the article to get a better idea of what it’s all about.

Lesson One: Gen Y sees luxury as an investment, not an indulgence.
This is pretty much a reference to the concept of ROI in our shopping. See previous post on this page.

Lesson Two: Gen Yers are “equal opportunity buyers.”
We give old brands and new brand equal opportunities, so long as they promise quality and “timelessness”. The irony, of course, is that we value timelessness but don’t mind the lack of brand heritage.

Lesson Three: Gen Y rationalizes exuberance.
These days, no one wants to say that they bought something because they like it. We buy something because it will last, and because we will use it over and over again, ref. own calculations when it comes to buying bags. The lesson for marketers is this: come up with the excuse for your customers — don’t let us fish for it.

Lesson 4: Ostentatious is out.
We want to be part of an ‘in’ crowd — so use symbols and labels that only an ‘in’ crowd would know. This is probably the antithesis of the LV Monogram, damn! I think brands like Undercover would probably qualify.

Less 5: While Gen Yers are open to including more brands in their view of luxury, they only want to associate the luxury brand with its initial product.
This seems pretty self-explanatory. No Louis Vuitton teapots and Louboutin pencils.

(Photo Credits: APC)

This entry was published on May 26, 2010 at 4:34 am. It’s filed under Uncategorized and tagged , , , , , , , , , , . Bookmark the permalink. Follow any comments here with the RSS feed for this post.

2 thoughts on “they want timelessness, but they don’t care about heritage

  1. Parsons Boy on said:

    Lesson 5 presents luxury and design firms with a conundrum. One of the key strategies employed by these firms is brand extensions – Ferragamo into bags, Prada into clothes, Bulgari into watches, etc.

    I wonder how much of this can be put down to greater brand education and how much of this is definitive of Gen Yers.

  2. saythefword on said:

    jojo here. i guess the speaker was referring to these brand extensions — some of them just can’t work if customers can’t identify the product with the brand.

    so the solution might not be to halt brand extensions altogether, as the speaker suggests, but to “educate” (or more likely, brainwash) potential customers about their brand and its products — and you’re right on this. case in point: only stewardesses and rich russians/chinese buy louis vuitton trunks for travelling these days.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: