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Millennials' values that will challenge the luxury industry





Year after year, millennials are changing the definition of luxury. 
This new generation, which brands are fighting for, is different from traditional luxury consumers in their buying habits and in the values that drive them. Beyond sustainable development and environmental issues, diversity and inclusiveness have become fundamental themes. Let's dive a little deeper into two key elements that highlight the main differences between the new generation and those that came before it.
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SUSTAINABILITY AND TRANSPARENCY 

Millennials are a generation of customers that cares for sustainability, for the environment and for ethical issues. Take for example the number of marches organized by youth calling for equality between men and women or to make people aware about the climate crisis. It goes without saying that the luxury industry, as any other industry, is deeply influenced by this evolution. Before, luxury customers would seek for products that looked expensive, luxurious and elegant. 


This tendency has become quite different with the rise of customers’ consciousness towards sustainability and ethical issues. Indeed, today millennials are more interested in knowing how the product was made, how it impacted the environment and who was involved in the production, rather than having the most rare gems of the planet. In addition to that, used to knowing everything instantaneously and at any time,  millennials want transparency from the firm they’re buying from. This wish disrupts the traditional image of mystery and secrecy that luxury brands have established through the years.

Let’s take an example. Gucci, along with Louis Vuitton and Supreme, is one of the most popular brands among young people. This is due, in part, to the fact that they have a goal that aligns with the new concerns of young people, namely, “to create positive changes for people and the planet”, as can be seen on their dedicated platform "Gucci Equilibrium." The fact that this generation has found an echo of their challenges in a brand makes them want to be part of the tribe and proudly wear the symbols of the values they adhere to.

DIVERSITY AND INCLUSIVITY

Diversity and inclusion are crucial to the future of the luxury industry
By Serhat Ekinci - Managing Partner of Omnicom Media Group Multicultural

Millennials are one of the most open-minded generations, and above all, the one that adapts the most easily to society. Indeed, the motto nowadays is "accept yourself as you are". Thus, the luxury industry must adapt to this open-mindedness by offering products and services that correspond to all types of people, taking into account differences in religion, sexuality and style. Moreover, millennials are constantly looking for identity. Indeed, more and more people feel lost and face identity problems. That's why the success of luxury brands is built on driving desire and a deep understanding of identity.


Because of their presence in several markets, luxury brands must adapt to all kinds of cultures. Indeed, it will be necessary to adapt the products sold for example between the American market and the Middle East market. By opening up to as many cultures as possible, luxury brands can win over more and more millennials because they will identify with the open-mindedness of the brands.

Moreover, for inclusiveness, let's take up the motto of our society concerning the body of each individual. Indeed, we push people who do not assume their bodies to do more and more and thus to accept themselves no matter what their morphology. Therefore, luxury brands must offer products that are suitable for all kinds of bodies and stop having a brand image reserved only for model bodies. 

Thus, as we have just seen, the concept of inclusiveness can cover very different domains, from the representation of different bodies to the inclusion of new social classes. Representation of different bodies to the inclusion of different cultures. Brands absolutely must adapt their strategies to this strong demand for inclusion.
 

References

Beauloye, F. E., n.d. Millennials. [Online]
Available at: https://luxe.digital/business/digital-luxury-speakeasy/millennials/
[Accessed 4 October 2021].

D’Arpizio, C. & Levato, F., 2020. THE MILLENNIAL STATE. [Online]
Available at: https://www.bain.com/contentassets/0b0b0e19099a448e83af2fb53a5630aa/bain20media20pack_the_millennial_state_of_mind.pdf
[Accessed 4 October 2021].

Danziger, P. N., 2019. 3 Ways Millennials And Gen-Z Consumers Are Radically Transforming The Luxury Market. [Online]
Available at: https://www.forbes.com/sites/pamdanziger/2019/05/29/3-ways-millennials-and-gen-z-consumers-are-radically-transforming-the-luxury-market/
[Accessed 4 October 2021].

Deloitte, 2017. Bling it on : What makes a millennial spend more?. [Online]
Available at: https://www2.deloitte.com/ch/en/pages/consumer-industrial-products/articles/young-premium-consumer.html
[Accessed 4 October 2021].

Disko, 2020. Comment le secteur du luxe drague la génération Z ?. [Online]
Available at: https://www.disko.fr/reflexions/brand-content-blog/comment-le-secteur-du-luxe-drague-la-generation-z/
[Accessed 4 October 2021].

Ekinci, S., 2020. The importance of diversity and inclusion in the luxury world. [Online]
Available at: https://www.omd.com/thoughts/the-importance-of-diversity-and-inclusion-in-the-luxury-world/
[Accessed 4 October 2021].

Gucci, n.d. Gucci Equilibrium. [Online]
Available at: https://equilibrium.gucci.com/fr/
[Accessed 4 October 2021].

Oakes, J., n.d. Sustainable Luxury: Millennials Buy Into Socially Conscious Brands. [Online]
Available at: https://luxe.digital/business/digital-luxury-trends/millennials-buy-sustainable-luxury/
[Accessed 4 October 2021].


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