In our previous post, we looked at how fashion brands can tailor content and product offerings based on specific audience segments. Now, we take a look into the role of social media and strategic partnerships in fashion brands desire to capture the “Shoppers of Tomorrow” – the luxury millennial.
This market consists of people aged 18 to 34 who have grown up with technology and social media at their fingertips. Typically millennials are more willing to spend their money on brands and experiences in comparison to the older audiences. Whilst they are interested in brands, luxury millennials are notorious for lower brand loyalty and aversion to “old world” labels.
Millennials and the Growing Importance of Social Media
Gucci has successfully re-invented its image from “old world” to “new world”, with digital and social technologies at the heart of its transformation.
They have also focused on rich content, such as their online video series of “The Myth of Orpheus and Eurydice“, resulting in enormous growth in traffic from social media, including a 190% rise from Youtube over the past three months year-on-year.
As shown in the graph below, Louis Vuitton has also seen an upturn, including a 23% increase in searches from January year-on-year and a 332% increase in clicks from Facebook over the past three months year-on-year.
This is partly due to their recent partnership with Supreme, a New-York based skatewear brand which has a global following of millennials. Their landmark collaboration has drawn considerable hype in the UK, with four out of the top 10 searched related to “Supreme” and “Louis Vuitton”.
From this, other luxury brands could then take note of how social media, inspirational content and strategic partnerships could be used to modernise the brand and connect with millennial audiences.
To learn more about the key strategies brands are using to engage with different audiences, download the full report here: Luxury Fashion Report 2017
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