Public Relations & Social Marketing Insight

Much has been written about “millennials” and much of it makes sweeping assumptions, often representing this vast group as “the yoof,” a homogenous bunch of bright young things with idealistic worldviews and a love for over-sharing on social media. However, since the term was first coined, sections of this group have become proper grown-ups, albeit of a slightly different sort than the generation before. They aren’t the buyers of tomorrow; they are the buyers of today. Some are running proper, functioning companies and not just aspirational start-ups with their friends. Some are even doing both of these things and succeeding. Some are already political leaders, parents and professors.

“By 2017, the “millennial” generation is expected to outspend the baby boomers, according to a study by Berglass + Associates recruiting firm.” - CNBC

All this means that when it comes to luxury or premium brands, the millennial mindset and lifestyle isn’t something to consider for “future-proofing” workshop exercises; it’s something to act upon now. Those who don’t technically fit within the demographic are being influenced by the “millennial way,” either as their parents or as colleagues. Therefore, any brand looking to maintain or move into a premium or luxury space needs to take note and act fast. Let’s look at some of the key characteristics of this group and then explore the implications when it comes to brand design, experience and communications....

Technology isn't simply something that helps Young People get something done, i.e. make a purchase quickly and efficiently. Technology and interactive media play a role in identity formation and lifestyle. Online shopping doesn't do this for people. It's merely a convenience.

Yet a growing body of research indicates stores that fail to play an influential role within digital channels where young people pre-shop, socialize, and participate in virtual communities first, won't get the sale in the end.

Young People want to do more than consume; they want to co-create, participating in the emerging sharing economy. With the rise of the makers and locavore movements, and even seemingly niche trends like the resurgence of home-based and craft brewing, it's time retail environments built on active consumption....