Young shoppers today are now shifting to a different version of luxury. Luxury brands are facing a challenge with these consumers, who do not think high-end brands are necessarily cool due to its high price tag. Millennials also value traveling and other intangible experiences over expensive jewelry, clothing and bags. Flaunting expensive clothing is also unappealing for this demographic. According to MediaPost’s most recent survey, 81% of 13-34 year olds think “showing off expensive things you bought on social media is not cool.” However, last year luxury brands began to make changes in their products to better suit this demographic. Some are turning to millennial influencers to form relationships with this coveted market, while others are turning to technology to become more relevant. While young shoppers do not value luxury brands the same way previous generations have, they aren’t completely averse to them. Forty-six percent said that they will feel successful in life when they are able to afford luxury brands and products. To see which luxury brands are the most coveted by 13-34 year olds, MediaPost surveyed 1,000 people by asking the question “What is the luxury brand you most want to own?” Below are the top ten mentioned:
- Michael Kors
- Louis Vuitton
Apple ranks the top of the luxury brand list. “Quality” “love” “best” “technology” and “design” were all words used frequently when asked why Apple was the top on so many lists. One 18-year-old said, “They make great, beautiful products,” while a 24-year-old male said he prefers Apple for its “high quality technology, premium aesthetic and simple design.” It’s no surprise that this innovative tech company has won over the hearts and wallets of young consumers. Of the 55% surveyed who said they purchase luxury items, 23% said it was tech product, overshadowing all other luxury brand categories.