A Quote by Elaine Welteroth
The next generation of luxury consumers are much more socially conscious, and they look to invest in brands that see the world the way they do.
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Most brands that are called luxury brands today are not true luxury brands. The globalization of fashion and luxury means you now find the same luxury brands in every city. The stores look the same, the products are the same. It is still a very good quality product but it is now readily available to everyone. It's a kind of mass luxury.
In a world where authenticity increasingly is in focus, consumers are seeking more than brands who focuses on revenue - consumers want to support brands with a purpose - one that justifies an emotional engagement.
Socially conscious brands engender more loyalty.
Brands' use of social media is not a matter of yes or no. It is simply a matter of how and when. The next generation of consumers will expect their brands to always be available, providing interactive experiences and bringing value to our lives by taking advantage of social media tools in their marketing communications
Consumers now have a voice. And the fact that consumers can be creators, producers and distributors means they can push back against brands to punish them for their socially irresponsible behavior or reward them for their responsible behavior.
The event concept was sparked from a shared observation amongst these leading lifestyle brands that the economic rebound has spurred greater liquidity into real estate, the stock market is setting new heights and consumers are generally stepping out more for luxury goods and services. After many years of pulling back, it was fun to see guests flirting with temptation, whether that was a new home, a new car, a new look or just to learn more about the trends. Others were happy to take in all the action.
Partnering with Rent the Runway's innovative model, combined with their affinity amongst millennials, provides an exciting opportunity for us. Together, we're helping the next generation of luxury consumers discover and fall in love with designer fashion.
If old consumers were assumed to be passive, then new consumers are active. If old consumers were predictable and stayed where you told them, then new consumers are migratory, showing a declining loyalty to networks or media. If old consumers were isolated individuals, then new consumers are more socially connected. If the work of media consumers was once silent and invisible, then new consumers are now noisy and public.
We'll continue to see more and more brands integrate social causes, charitable components and environmental issues as underlying themes to their campaigns and messaging. Humans connect with humans after all, and brands are using this as a point of connection to engage with their audience, especially charity-minded Generation Y.
The government doesn't save enough, it borrows too much and it doesn't invest enough in the next generation. It's like what parents are trying to get their kids not to do, but if they look at the federal government, that's what they're doing.
There's an adage that is an apt description of the new dynamic at work between brands and consumers connected through social media: People support what they help to build. But now that many brands are launching community-driven cause marketing campaigns, the challenge becomes what to do next?
I think the younger generation, the people poised to dominate the workforce, are more socially conscious. They are more demanding in terms of environment and how that environment contributes to their life.
I think with each generation comes more opportunity. At least that's the way that I see it. I grew up in a generation that watched the birth of the internet. We all have. But I feel like I look around at the generation younger than me and it's a very opportunistic mantra.
What would ultimately de-escalate the challenges of society would be for people to get educated, especially for more women to be educated because when more women are educated, they invest much more of their time and income in ensuring that the next generation would perform even more than they have done.
When the trust is high, you get the trust dividend. Investors invest in brands people trust. Consumers buy more from companies they trust, they spend more with companies they trust, they recommend companies they trust, and they give companies they trust the benefit of the doubt when things go wrong.
If you look at the requirements for just one piece, like art, from one generation of games to the next, it will change radically. You need people who are adaptable because the thing that makes you the best in the world in one generation of games is going to be totally useless in the next.
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