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)