The luxury industry has always had classical and rebellious brands but now we are seeing something special. We have seen even both attitudes from single brands. Millennials and Generation Z are becoming powerful market forces, which are shaping the luxury industry. In Europe, by 2020, 30 per cent of consumers will be members of Generation Z.
Gucci took the first bold step by luring Millennials with its quirky collections and they were major successes. But Gucci has always been extra bold and it was not perhaps an unexpected move from the brand. But when Louis Vuitton, Chanel, and Burberry followed the same creative spirit, this was a big change. The spirit is very liberal, playful, colourful, rebellious, perhaps even chaotic. But young generations like it.
People have been asking. What is Generation Z and what does represent? Well, there are always different individuals in every single generation but an average Generation Z member is liberal, global, environmentally and socially conscious.
But when it comes to consuming and brands, they do not just want to consume but they want to be members of the brand. Belonging to a club is very important to them. When it comes to shopping, Generation Z likes to shop in bricks and mortars. The internet is merely a catalogue.
My personal touch with Generation Z is very positive. They are outgoing, social, fair and kind. This means very fun times for luxury brands because they can go wild.
Published in Luxury Sales Academy.