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Luxury tomorrow: A look at the affluent young generation

Last Friday, I attended the annual conference L2 Next Generation in New York. It had a diverse and enthusiastic mashup of speakers to discuss the state of luxury – from a fashion blogger of 15 years of age, experienced professionals the mark. Speakers explored topics from health to make love, not porn games and fashion. Among the line-up, Sterling Lanier, president of consultancy Chatter market research I'm interested in your market view incredible. Sterling provided an insight into the psychology of tomorrow affluent shoppers based on their research generation of young upper-class. Here are some ideas:

Investing in timelessness
For Generation Y, Luxury is an investment. As such, it must be timeless luxury products. Not in the way Boomers consider timeless luxury. Unlike their counterparts generation, the generation And he is less concerned with the heritage of exceptional quality. Heritage brands like Mercedes, may have difficulties in marketing their place in history to light Gen Y. By contrast, luxury brands need to dial to longevity, both in quality and style of their products so that your brand in a long-term investment.

"Rational Exuberance"
To justify buying a watch of $ 10,000 or $ 15,000 expenditure on a trip to the beach at Four Seasons, Generation Y rationalize spending indulgence. "I work very hard, and I have to invest in myself," is the typical rationale for the rich young generation. Sterling also found rich young generation to be very creative in their rationalization. Luxury brands can take this as a signal to make that "leap sound" to the consumer through the creation of Generation Y "stories investment." Answer the question: Why Generation Y is worth the product. This will help fill the void and feel better about spending an exorbitant amount of money on themselves.

Equal Opportunity Buyers
Sterling In the study, asked the rich young generation to create a collage of luxury brands represent their parents and themselves. The balance was off-brand to say the least. Only a handful of brands population Boomer parents and their share of section collage was inundated with similar marks, but many, many more of them. This disparity suggests wealthy young generation looking for more niche brands. Their closets are mashup Louis Vutton handbags, belts D & G, Gucci pants, Armani suits and Dior perfume.

For Generation Y, is a different brand for almost all luxury item. The emergence of niche opportunities for luxury goods expansion questions. They are rich young generation to fall head-over-heels Empiric Armani suits likely to stay at the hotel of the brand new resort in Dubai? Sterling Research suggests the fashion brand name will have little effect on the preferences of the hotel is Generation Y.

All the details
The majority, or two thirds of the rich thrive on generating And "the secret handshake." In other words, look for exclusivity by buying luxury items only those that are "in the know" know. It's about being a member of an esoteric secret society. A recent survey of luxury handbags, appeared in Psychology Today, suggests once the price exceeds $ 300 logo size is reduced. In fact, at a hearing of testimony from Sterling, a Gen Yer said buying a Scottish designer shirts with about three small stores in Europe. With only a small colored label to identify the designer, who gets gratification to see others carry the Scottish flag.

The love of the Offer
Part of justifying a purchase is to know you purchased it through the best deal possible. Sterling are affluent young generation thrive in agreements. In fact, luxury discount suppliers, for example …

To read more about Generation And luxury and will Sparxoo, a digital marketing, brand and business development blog.

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Sparxoo is a business blog that inspires breakthrough by tomorrow’s leaders. We are a strategy consulting firm with a pulse on marketing, branding, and development.

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