While fashion doesn’t come with an age limit, it is often the younger lot that is more inclined towards it. Years ago, the youth’s interest in luxury was often hindered by an obvious lack of purchasing power. However, things have changed and how! The millennial generation as they are called are more fierce and powerful today, both monetarily and otherwise. And since we’ve so noted, luxury brands couldn’t have been far behind in cashing onto this trend.
With significant disposable income at hand, millennials are the chunk that are being aggressively tracked by luxury brands across the globe, especially in Europe. Over the decade, affluent youngsters in France, Germany and the UK have shown drastic trends in their luxury purchases as well as the use of social media in flaunting their consumptions. This golden trend was obvious to catch the eyes of the luxury market, which by and large is chasing these young spenders and thus embracing online media to market their products.
For instance, Watchmaker Blome recently turned into an online reseller and is now luring in more millennials by using social media and offering them special perks to increase business. As also predicted rightly by experts, 50% of luxury product buyers will belong to the Millennial generation by 2024. Given the younger blokes obsession with social media, luxury brands too are revamping their marketing channels by largely going tech. All said, a new wave of digital fashion is probably here!