Millennials, the market that every brand wants to attract because they are growing to be highest-earners in the world. But Millennials are playing their own game. They love the high-end but not necessarily the luxury brands. Falling for inspiring startups. Spending on the cutting-edge. Investing in vanity. It’s all about “being me”.
Millennials, the new generation of shoppers, appear not to be influenced by brand names. However, there are signs that they are moving towards high-end products. In their eyes, high-end products do not necessarily come from luxury brands. In fact, Millennials rarely use the word “luxury”. Not because they are very clever spenders, but because the quality that goes into the making of the products inspires them more than the name. They are going for substance, and are likewise shunning traditional status symbols.
High on inspiration
In spite of launching ‘younger’ collections over recent years, luxury jeweler Tiffany has failed to impress the Millennials – the old-world luxury brand simply does not sparkle, in their eyes. One non-luxury brand name, on the other hand, that has been taking over Tiffany’s Millennial market share is the Rhode Island-based Alex And Ani – a retail startup which grew into a global jewelry retailer. Millennials simply love the modern mix of bangles, bracelets, necklaces, earrings and rings which” adorn the body, enlighten the mind, and empower the light in you.” This is precisely how new brands are inspiring Millennials the way luxury brands are somehow unable to.
Even as a budget-conscious shoppers, Millennials are spending a lot. They dominate the Taobao marketplace, as both sellers and buyers. They ensure that the sort of high-end investments that they make will go back to them – across a range of lifestyle aspects, from vanity and self-care to self-independence. Millennials are consistently planning budget travels but to high-end destinations. Think: Paris café and art visits, an Iceland music festival, Bali yoga retreats, California surf holidays.
When it comes to looking after themselves, the Millennial market is doing so at a younger age so as to maintain their youthfulness as they mature. They carefully research and settle on high-end organic products like the Organi Cosmetics and facial care recipes in the Philippines. With innovations in cosmetic enhancement methods which now require little or no surgery, young customers are growing in numbers and getting bolder. You may want to look like a Korean actress next month – and the beauty is, it’s achievable! Not making the same mistakes their parents made about skincare (with the bonus of looking really good on social media), Millennials are spending more on premium skincare products.
Younger but wiser
They may not shop at Macy’s or own a Rolex, but those who belong to the Millennial generation are quickly becoming high-income earners with very expensive tastes for the niche, the innovative, the inspiring, and the experiences that make them look and feel really good.