It is no secret to anyone that los millennials They are the generation that can change various schemes that have been inactive for a long time. It is not news that this is known to the marketing and communication team of the Luxury brands.
The luxury houses have that aspirational dose that consumers have fallen in love with generation after generation and there are some trademarks who live in everyone’s heart and pay no rent. Either for their designs, advertising campaigns or the celebrities they dress.
However, as we mentioned at the beginning, the millennial generation It has differed in many ideas, lifestyle, and of course, its way of consumption, so even large fashion houses have had to find a way to stay current and be accepted by this group of young people born between 1981 and 1995.
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In Last we gave ourselves the task of investigating what the Millennials’ Favorite Luxury Brands and what is behind these elections. So don’t stop reading, there is a lot to know about why these young people prefer these brands compared to others that have a longer history or a broader career in the world of fashion.
Photo: Pexels
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In its Spanish edition, la revista Harper’s Bazaar, points out that the two luxury brands preferred by millennials son Gucci y Louis Vuitton (in particular for the bags). This result was revealed by a survey carried out by UBS Group AG, in this 2018 project, the opinion of young people between 18 and 35 years old from the United States, China and some European countries was taken, and it was confirmed that los millennials They have contributed 85% to the growth of the luxury market last year and according to their projections, in 2025 it will represent 45% of total spending on luxury firms.
Photo: Courtesy | Instagram @gucci
The report was taken up by the magazine Fortune, where they focus on who spends more on Luxury brands And although we might think that the US or European markets are the ones that have the upper hand on the income that enters the assets of the luxury brands, in reality they are los millennials Asians who contribute a larger income when buying from these firms.
Photo: Courtesy | Instagram @louisvuitton
Fortune magazine, It also touches another very important point for these two brands to continue in the taste of the millennials, and it is the part of e-commerce (electronic commerce), which boomed during isolation. El e-commerce It has been fundamental for these brands that have dedicated time and effort to reinvent their shopping experiences by adding to their formula the acquisition of totally exclusive garments.
Although the luxury firms preferred by him millennial market They are completely different, they have known how to listen to their audience and adapt to their purchasing criteria. Among these is exclusivity, respect for people’s identity and even care for the environment, but what motivates their buyers to keep these two firms in the taste of a public that seems to have already seen it all?
The economic magazine Brand Equity in 2019 pointed out a number of important points between the market millennial. One is that the magazine predicts that millennial consumers They will represent up to 50% of the luxury consumer market in 2025 (similar to the figure managed by UBS Group AG) compared to 32% in recent years.
Brandequity, divide the dots to understand the millennials consumption as follows:
Purpose drive: People who bought luxury brands before los millennials It did it for its history, craftsmanship, image, exclusivity and superior quality.
Although quality and exclusivity are still sought, los millennials, They seek transparency and authenticity without neglecting the relationship with the environment.
Photo: Courtesy @gucci
Live the moment: Although many economic studies made by banks have made it clear that the millennials They are the generation that saves the least, it is one of those that most pleases their tastes.
Brand Equity argues that in 2017, the desire to “live in the moment” was reflected in an increase of up to 50% in the net profits of the Italian firm Gucci, which allowed it to close the year as a fully profitable brand.
Photo: Courtesy @louisvuitton
Open to experimentation: It is likely that los millennials Try something new if it reflects your personal values and passions. They are open to experimenting with alternative business models that have emerged in the luxury fashion industry such as luxury rental, luxury fashion libraries, luxury resale, etc.
But far from these points, the role of their advertising campaigns and even the use of celebrities who work reflecting the style of the brands they advertise has been fundamental for the rise of a brand.
The celebrities and the millennials
When we talk about aggressive advertising in fashion, it is these campaigns that we do not stop seeing or remembering no matter how the years go by: either Paris Hilton en Guess, Justin Bieber para Calvin Klein The David Beckham announcing his underwear line at H&M, celebrities play an important role in los millennials.
Money.co.uk analyzed this point and there are figures like in music that help us determine our purchases and style choices.
This data comparison and analysis site found that one of the world’s favorite celebrities for millennials Inspire her style is Billie Eilish, because in 19 countries, among which are: India, Indonesia, Philippines, Austria, Czech Republic, Hungary, Greece, Portugal, Canada, Brazil is a fashion icon.
Photos: @gucci | @lanadelrey | @ladygaga | @arianagrande
The second place is Harry Styles, it is the inspiration celeb of fashion for 18 countries and Mexico is one of them. According to searches in our country, the British singer influences the fashion style of users. Also for Egypt, Morocco, Qatar, Saudi Arabia, Denmark, Ireland, Iceland, Reunido Unidos, Panama, New Zealand, Argentina, Chile, among others.
Lady Gaga is the third celebrity to inspire with her style and trendy outfits. It has a presence in 14 nations such as: Malaysia, Croatia, Costa Rica, El Salvador, the Dominican Republic, Fiji, Bolivia and more. In fourth and fifth place are Ariana Grande and Kylie Jenner, both in 9 countries respectively.
The democratization of fashion With online shows, the opening of new consumer markets and the presence of brands on social networks, year after year they generate new followers who have become a new target market to show their products.
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