How Luxury brands are reaching millennials ?
The Luxury market is swarming with millennials…
According to a piece done by Forbes, it states that Deloitte is reporting that the projection of millennials vs. boomers in the luxury brands market is 99 million millennials against 77 million boomers. Clearly, the millennial generation has an affinity for buying and using luxury items. However, the marketing technique to reach this generation is not the same as the previous generation.
So, for luxury brands looking to seriously gain millennials as a key market, you might want to up your game. Now, some platforms understand how important this generation is to the luxury market. One such platform is Exclusible, which seeks to leverage NFTs to speak to millennials about luxury items.
What millennials expect from luxury brands offering luxury items drastically differs from what the previous generations want. So, it is key to go with a platform like Exclusible that can speak the language millennials understand –technology. A new study by two giants in the luxury circles, Altagamma and Boston Consulting Group confirms that indeed, we are set for a drastically different luxury market by 2025, and millennials will be the ones driving this transformation.
How so? Millennials are experience seekers, which means they are defined by what they can experience rather than just the products. They want to live life instead of just buying for the sake of it. Exclusible allows luxury brands to sell millennials on the experience that their luxury items have to offer.
That means that Exclusible allows the luxury brands to take the focus away from the luxury product and service alone and showing millennials more about the value the items has to offer to their experience.
Photo by Gianni Scognamiglio on Unsplash
Some brands are already finding success in using this strategy in reaching out to millennials. On Exclusible, luxury brands can tap into the NFT technology to provide a thrilling experience to luxury collectors among millennials by bringing them into the ever-evolving metaverse.
Millennials also want to connect with luxury brands before buying their items. As important as it is to connect with them via social media, it is also important that they see these luxury items in magazines and other print media.
People might find it interesting that a larger percentage of millennials consume magazines compared to Generation X or even Boomers. As they want brands to interact with them through online media, they also want to see their luxury products and services in print media before making up their mind about buying these luxury items.
One thing for sure is that millennials will do their homework concerning luxury brands by reading reviews and researching the brands before choosing.
So, media coverage is an important metric for luxury brands to consider when monitoring their impact on millennials. However, in the new world (metaverse) that is being created and the new technologies like NFT being incorporated into it, reaching millennials could be much easier for brands especially when you choose a platform like Exclusible that can show you how to navigate this new world and technology.
It is common knowledge that millennials are the kind of generation that grew up with the advancement of technology. They will expect that their search for products and services will be without much hassle. Something Exclusible could make a reality for luxury brands.