1. a person reaching young adulthood in the early 21st century.
"the industry brims with theories on what makes millennials tick"
Categorized from those who were born in the mid 1970s and early 1980s to the mid 1990s, respectively, Millennials are one of the largest spending groups of consumers in the market. It’s pretty safe to say they have a lot of power, but how do millennials decide how and what they want to buy?
Here at Rebag, we especially wonder how the future of the luxury handbag industry will continue to be heavily influenced by this mass market. As of now, those who are catering to millennials are striving with a whole new approach (and a very important old one).
So, who are the successful brands dominating this generation’s wallet? And more importantly, how and why? We break down the reasoning why our top brands at Rebag have reached ultimate success with millennials.
MEET OUR TOP THREE:
BREAKDOWN #1: INNOVATION IN SOCIAL NETWORK
Social media presence is one of the leading factors of the “why to buy” for the media-savvy millennial generation. The average millennial is on at least one social media platform, most notably Instagram and Facebook, while dozens of others are used conjointly. On these platforms is where the roots of shopping begin, especially for luxury handbags. Whether it is being seen on a model on the New York runway, or low-key street style fashion guru, brands and product have more exposure than ever before.
But how does our top three do it on social media better than everyone else?
All major brands are on some form of social media. But it’s those who take a new and innovative approach are those who dominate the millennial consumer market, most notably in luxury handbags. Our top 3, Louis Vuitton, Gucci, and Mansur Gavriel dive into the social network by developing content that caters to this audience and keeps them captivated. Both Louis Vuitton and Gucci have seen high rises in percentages on a multitude of platforms including Facebook, Instagram, and Youtube. Mansur Gavriel has used targeted promotions such as e-mail marketing to capture their consumer in a subtle, yet captivating form for new products, store announcements, and more.
Our top 3 has also created an interactive approach, not seen yet by other fashion powerhouses. Here is a list of what we find most innovative from each brand:
LOUIS VUITTON VVV’s EXHIBIT
Louis Vuitton opened an interactive exhibit in NYC titled Volez Voguez Voyagez, where participants can download an interactive App to share their experience throughout the exhibition on social media outlets. The first of its kind, and also free, attracted millions of visitors who shared thousands of posts within the #NYCVVV hashtag.
GUCCI FILM SERIES “THE PERFORMERS”
Gucci produced a five-part film series with GQ highlighting influential men and their visions, where users could swipe up on Instagram to watch the entire film on their website. They have also teamed up with Conde Nast in the past with branded content for their pre-fall collection in 2016.
MANSUR GAVRIEL’S BRAND AWARENESS
Mansur Gavriel has one of the most cohesive brand strategies to date. Everything from their Instagram to their Soho and Madison boutiques are fully indulged in their pink color palatte and minimalistic merchandising
BREAKDOWN #2: “IT’S NOT A BRAND – IT’S A LIFESTYLE”
The top 3 brands for millennial consumers not only dominate the social network, but they dive into their brand to create a lifestyle in their own capacity, including handbags. The most successful brands truly invest in the lifestyle they are trying to portray through their individual authenticity. And with roughly 80 million millennials, it is important that each brand portrays to their desired audience. Our top 3 has done it all differently, but successfully create a lifestyle through their brand.
LOUIS VUITTON x SUPREME COLLABORATION
Louis Vuitton has captured one of the top collaborations of all time with their ultra-desired collection with Supreme. This collection truly tapped into a new millennial audience by collaborating with an iconic streetwear name, and creating a buzz that generated massive hype and profit.
ALESSANDRO MICHELLE’S NEW GUCCI
Alessandro Michele has transformed Gucci into a trendsetter’s delight, with creating a creatively quirkiness all about having fun. Everything from their campaigns to their designs captures the millennial audience by simply being different. Even millennials who do not own anything Gucci, recognize them more now than ever before with their creative storytelling through their products
MANSUR GAVRIEL’S FULL CIRCLE
And lastly, on the opposite spectrum, Mansur Gavriel has developed a pure design aesthetic towards modern woman. They have captivated millennial women with every aspect of their look and feel.
BREAKDOWN #3: QUALITY = INVESTMENT
With the rise of fast fashion continuing to rise, so does millennial consumers wanting to purchase their next investment piece. Millennials like to buy things that they are passionate about, especially if they know it is a good quality piece. But how do they know it is quality? Millennials predominantly use the internet as one of the main influences before they make a purchase. In conjunction with our previous mentions of the social network and branding lifestyle, its presence is important on all platforms. This includes consumer reviews, customer service, in addition to the actual product itself. When paying top dollar for your next investment piece, all aspects of quality need to be there.
LOUIS VUITTON’S CRAFTMANSHIP
Millennials are familiar with the brand, and usually know that they are going to get a premium product when making their purchase. But to continue this namesake is important. Louis Vuitton’s continued use of devoted workmanship through their signature materials is a guarantee that it is worth the investment.
With the help of Alessandro Michele, millennials know when they buy a Gucci handbag that it is a trendsetter piece and they will guarantee to make a statement. From the GucciGhost tote to the a Dionysus covered in sequins and patches, the house of Gucci will product consistent product to feed millennials who seek their own style.
MANSUR GAVRIEL’S SIMPLICITY
With Gucci being over the top, Mansur Gavriel remains simplistic in all of their designs. With normcore continuing to be a mainstream trend with millennials, their signature bucket bag completed the look with the basic shape and colorway. Using Italian vegetable tanned leather, the price point is incredibly reasonable, which is bonus for the young 20’s to mid 30’s shopper.
From the social network, to branding a lifestyle, and overall quality, Rebag’s “Top Three” will continue to strive for millennial following within the luxury handbag industry. With continued innovative evolution, Rebag is excited to see what’s next for our key players in the millennial market.