Luxury fashion brands are being forced to overcome their resistance to internet marketing in order to capture the younger generations, and in turn secure a future following of their iconic labels.
Gen Y’s have a much higher level of disposable income in their 20s than past generations and choose to spend a large percentage of this on luxury items, rather than throwing it all into bricks and mortar or settling down into marriage and family life. This shift, along with their early adoption of technology and new media, positions Gen Y’s as a desirable and cashed-up demographic, but one that is hard to reach through traditional advertising mediums.
To reach the Gen Y’s, luxury brands such as Louis Vuitton, Gucci, Prada and Chanel are undergoing a massive shake-up in their marketing strategies. With their strategic branding once reserved for glossy fashion magazines or high profile outdoor media, now these brands are turning to more techno-savvy mediums in order to capture the attention of this younger trendsetting generation.
Social networking sites such as Facebook and MySpace, as well as countless online forums and blogs have become an international phenomenon and the standard tools that Gen Y’s utilise throughout their decision-making process.
Gen Y’s research products on the internet, post questions on forums and discuss purchases and brand perceptions with their peers. Much of the emotional connection once experienced during a purchase interaction with a salesperson has been replaced by ‘word of mouth’ referrals from friends or product reviews from virtual peers.
The habits of Gen Y consumers have been a driving force behind the emergence of many successful online stores and e-boutiques, however the high-end luxury brands have been slow to incorporate e-commerce into their realm of products and services.
It won't take them long though - keep an eye out and see what your favourite luxury brand is doing online.
Gen Y’s have a much higher level of disposable income in their 20s than past generations and choose to spend a large percentage of this on luxury items, rather than throwing it all into bricks and mortar or settling down into marriage and family life. This shift, along with their early adoption of technology and new media, positions Gen Y’s as a desirable and cashed-up demographic, but one that is hard to reach through traditional advertising mediums.
To reach the Gen Y’s, luxury brands such as Louis Vuitton, Gucci, Prada and Chanel are undergoing a massive shake-up in their marketing strategies. With their strategic branding once reserved for glossy fashion magazines or high profile outdoor media, now these brands are turning to more techno-savvy mediums in order to capture the attention of this younger trendsetting generation.
Social networking sites such as Facebook and MySpace, as well as countless online forums and blogs have become an international phenomenon and the standard tools that Gen Y’s utilise throughout their decision-making process.
Gen Y’s research products on the internet, post questions on forums and discuss purchases and brand perceptions with their peers. Much of the emotional connection once experienced during a purchase interaction with a salesperson has been replaced by ‘word of mouth’ referrals from friends or product reviews from virtual peers.
The habits of Gen Y consumers have been a driving force behind the emergence of many successful online stores and e-boutiques, however the high-end luxury brands have been slow to incorporate e-commerce into their realm of products and services.
It won't take them long though - keep an eye out and see what your favourite luxury brand is doing online.
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