Millennial Insights: What is Luxury?
As we mentioned in our first Millennial Insights post, millennials will take over the luxury market by 2018.*
But what does luxury actually mean to a millennial?
We teamed up with Jeff Fromm, marketing strategy consultant and president of FutureCast, in a research study to better understand this growing segment of the population and key driver to the entire jewelry market.
Today’s topic? Luxury.
Definition of Luxury is Changing
When we think about luxury of the past, it was a big bold logo across the chest of your shirt or the bedazzled back pockets of your jeans that identified you as someone who had a means to make a luxury purchase. Now, millennials are not seeking out brands that show off their paycheck.
It is all about how the individual consumer enhances the brand, not about how the brand enhances the consumer. Millennials are unimpressed by luxury, but entranced by subtler ways of conveying a brand’s identity.
How Can You Apply This to Jewelry?
While highlighting designers is important, think about other ways to categorize and feature jewelry that is more customer orientated, rather than label orientated.
It is important to reorganize your cases to offer new perspectives to your merchandise, even if you have no actual inventory change. Consider arranging your main displays with categories to provide the shopper with purchase ideas, such as perfect gifts for: The Eco-Activist, Mother’s Day or Father’s Day, Spiritual or Meaning, Valentine’s Day, or Under $100.
This will provide quick suggestions to shoppers who may not know exactly what he/she is looking for and provide you a starting point to finding him/her the perfect piece.
While some purchase decisions will still be heavily affected by brand preference, many millennial shoppers won’t base their purchase on brand alone.
|How do you define luxury? Let us know in the comments section below or email us at [email protected]!|