By 2025, millennial spending power is believed to represent an impressive 40 percent in the global luxury goods market, according to research from Bain & Company. Yet in this fast and fashion-forward world of democratized extravagance, most millennials prefer experience over products. To convert millennials into consumers, retailers need to cultivate their creativity, shall they wish to lure the current generation of big spenders.
Top Luxury Brands for Millennials
Two high-end fashion houses already know what they’re doing and are the leading choices of millennial customers. Surveys and social media data from UBS Group AG revealed that Louis Vuitton and Gucci are millennials’ preferred brands. While the intention to shop online is higher in the age group than among older consumers, LV and Gucci’s physical stores continue to feature highly among favored places to shop.
Why Millennials Love Louis Vuitton
The renowned French heritage turned heads and gathered thousands of “likes” after staging its autumn-winter 2017 fashion show at The Louvre — a historical monument and the world’s largest art museum located in Paris, France.
But the luxury brand is no stranger to social media users. The interest of Nicolas Ghesquière — creative director of the house of Louis Vuitton — in millennial trends has helped the brand make headlines in the fashion industry. The employment of Hollywood endorsers, such as Emma Stone and Gigi Hadid, has also amassed high success in capturing the attention of millennials.
In addition, Louis Vuitton won the hearts of many with the inclusion of Lighting from the video game Final Fantasy as their model in 2016. Also, the brand’s ongoing partnership with streetwear brand Supreme for its menswear collection is a declaration of Louis Vuitton’s continuous effort to tap into the millennial market. At this point, we think it’s safe to say they succeeded.
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How Millennials Fell in Love with Gucci
Alessandro Michele — Italian fashion designer and creative director of Gucci since January 2015 — has a known knack for quirky and creative storytelling, which allowed Gucci to build a singular kinship with millennials.
Besides launching each new collection and merchandise with a compelling and engaging narrative, the luxury brand has been using different digital platforms to communicate a unique and unparalleled sense of identity — through enthralling visuals.
Gucci’s Instagram content is also a consistent trending topic on the internet. In 2017, the brand released a series of #TFWGucci memes to promote their Le Marché des Merveilles watch collection. Talk about #relatable combined with #luxury. No wonder millennials love Gucci, to the point where it has become an adjective describing something okay, good, or doing fine.
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Why Millennials are Crazy About Cartier — An Honourable Mention
Although Cartier did not make UBS’s list of millennial-loved brands, it deserves a spot in this article because of one very popular accessory — the LOVE Bracelet.
Since its launch in 1969, the Cartier LOVE Bracelet has been a representation of “inseparable love” for jewelry enthusiasts and romantics. In more recent years, it has become an essential status symbol among millennials. Celebrities, influencers, and fashion-forward consumers covet the luxury bracelet for its exquisite design, beautiful symbolism, and world-class reputation.
A beautiful piece of high-end arm candy, the Cartier LOVE collection is the go-to choice for millennials who aspire to invest in jewelry of exceptional quality and passionate symbolism.
Are you interested in this heirloom-quality jewelry? Read Why the Cartier Love Bracelet Is Worth the Investment to learn more. Also, shop The Relux for pre-loved & authentic Cartier jewelry.
Why Brand Authenticity Matters to Millennials
Despite the improving quality of counterfeits, there is a good reason why millennials snub fake Louis Vuitton, Gucci, and Cartier pieces to pay full-price for an authentic one: The owner knows that he or she does not have a genuine luxury item.
Researchers from Yale University concluded that the quest for authenticity develops in early childhood. A study, which attempted to persuade children into believing that a cloning machine had reproduced their favorite item, found that most children rejected the duplicate. As it turns out, despite the sentimentality of an item, the memory, feeling, or pride that accompanies purchasing a real luxury good is part of the reason we seek authenticity. In a nutshell, treating yourself to a fake Neverfull or GG Marmont is not equivalent to treating yourself at all.
The Bottom Line
The millennial generation is more than a group of non-conforming, media-savvy individuals. They are, for a fact, the future of luxury consumption. Born within 1981 to 1996, these men and women have the most spending power in comparison to previous generations, according to several analysts. As a result, high-fashion directors are all frantically trying to penetrate the millennial market with subversive designs, star-studded endorsements, and out-of-the-box digital marketing strategies.
The number of millennial couture clients worldwide is growing and thriving. “We have witnessed an interesting phenomenon of generational change,” remarks fashion mogul Ralph Toledano. Millennials are now fair game-changers in the alluring world of luxury retail.
Cash in Your Collection of Luxe Handbags, Jewelry, and More
These days, buying luxury items seem to be as common as picking up groceries. But with the physical appeal of luxury goods being undeniable — the leather is soft and sturdy; the hardware is shiny and stainless; the price tag is within the budget — who could blame millennials for spending their hard-earned money on such investments? And with the demand for luxury items skyrocketing, now is the perfect time to convert your investment into cash.
Biltmore Loan and Jewelry specializes in collateral-based loans and outright purchasing of valuable items. From Gucci and Louis Vuitton to Hermes and Chanel, we pay more than our competitors and say YES when the bank says NO. We service Scottsdale, Chandler, Tempe, Mesa, and the entirety of Phoenix, Arizona. Visit our locations or complete our online form to request a free market appraisal.