With the aim of attracting Generation Z and Millennials, luxury brands have recently decided to promote their history, their heritage and their differentiators by creating communication events and activations with strong resonance Hungary WhatsApp Number List for consumers, exploiting thus finely the opportunities of the socio-economic environment of the latter. These actions bring incredible added value to luxury products . They have a pedestal and are considered real collector’s items, particularly when it comes to limited series or they result from partnerships between two brands for a unique creation.
A beautiful illustration can be seen in the Louis Vuitton “Coming of Age” event prepared by Virgil Abloh, a photo exhibition installed at the Louis Vuitton space in Beijing and evoking the development of young boys through their teenage years. Source: Louis Vuitton 5. Create collaborations to promote a new vision In such a competitive environment where quality and craftsmanship are now considered standards, Millennials are developing new expectations of luxury brands . They are looking for services with innovative designs close to their personality, their desires , which testify to their values and their culture. The collaboration of brands with artists, celebrities or web influencers are all valuable means that allow a brand to display its originality, its openness and its desire to innovate.
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According to the 2019 True-Luxury Global Consumer Insight study, collaborative projects presented as limited editions, in terms of both time and quantity, are the most popular initiatives, particularly in the handbag segment (47% of purchases of consumers) and sneakers (33%). The most popular collaborations are Chanel and Pharrel Williams, Adidas and Yeezy by rapper Kanye West and Louis Vuitton with Supreme. In addition, these intersecting perspectives and these mergers of values: Old and contemporary art, classic with modern; have been so successful that brands have extended them to the point of integrating them fully into their portfolios.
In March 2018, Louis Vuitton appointed Virgil Abloh , founder of Off-White as Men’s, Creative Director. In May 2019, pop singer Rihanna launched her first collection under the Fenty brand in partnership with LVMH. 6. Use the FOMO effect: Fear-of missing-out With the advent of social networks, Generation Z lives in the permanent fear of losing brand image or of being on the sidelines of trends . As if at any time it was likely to miss an event of capital importance. It is by riding this wave that Supreme has established itself as extremely popular even though the prices it offers online are more expensive than equivalent products found in stores.
They Also Bought Essentials – Not Essentials: Diy And Home Items Grew By 70%, And Luxury Goods Increased By Around 10% !
This type of behavior has strongly influenced the way of conceiving luxury marketing and the design of advertising campaigns, in particular those dedicated to the launches of new products. FOMO determines consumers to be extremely attentive to advertisements and brand news , which is therefore at the origin of an audience of choice on social networks but also through other communication channels. Conclusion: New tools and techniques for marketing For luxury marketers, the priority for the years to come will be to meet the challenge of the new generations who were born with digital technology and who, through their behavior, have contributed to the arrival of a breakthrough in the industry.
It is the first time in the history of luxury that conventional marketing techniques, which were thought to be eternal, have been called into question . This change of perspective took place in record time and reshuffled the cards beyond Flexibility and responsiveness are the keys to success. The implementation of new technologies that generate desires and enhance the history and image of a brand are now essential in an environmental world where marketing is evolving at full speed.This is an easy to demonstrate technique that works well for all types of materials including metal, leather, glass, crystal, paper, etc. Very versatile, it allows customization without too much effort.