Millennials love luxury goods – but perhaps differently from previous generations. For millennials, brands that tell the right story serve as expressions of personality and the products help integrate them into a social circle. Brands are reacting with more limited and special editions, as well as refinements to their stories which make them more personal.
Swiss skincare brand La Prairie and French perfume brand diptyque, for example, are building strong associations with the art world. Other brands are using the new medium of the pop-up store to bring their long histories to life. The GUINNESSTM Connoisseur Bar pop-up at K11 Art Mall conveys the essence of Guinness’s historic Dublin brewery to entice young visitors to discover their famed stout. LV meanwhile plans to introduce a brand-new look by opening approximately 100 pop-up stores around the world this year.
As the Chairman concludes, it’s necessary to understand each new generation’s needs and create marketing solutions to suit.
*The above is a summary of the original Chinese article.
The full insights article was first published in Headline Finance on 20 June 2019 (in Chinese only).
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