Millennials are quickly becoming the largest generation by population size. They are also obtaining higher levels of affluence and impacting the way high end and luxury brands are approaching their consumers. According to Forbes, there are about 6.2 million Millennial households that report earning an annual household income of at least $100,000. Although this number is shockingly high, this generation will become the most significant audience for luxury brands in the next five years.
Many outside of this generation emulate Millennials because they are trendsetters. Within the Millennial consumer, the trendsetters are the affluent Millennials. They can afford the high fashion items and to travel around the world, which in turn makes their peers envious and want to try similar things. These affluent consumers are also more likely to post on social media to share their experiences, which brands try to leverage. If brands can appeal to the trendsetters, this can have a snowball effect and spread to multiple generations.
Because Millenials are trendsetters, brands should target these consumers, but then comes the conversation of how to target them. It helps to understand that they are very independent. Rather than continually communicating with them, brands should take the absent-but-present approach. Brands should be available when needed, but not pushing the consumer too much. These people want to make decisions on their own and only look for support from brands when needed.
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