ReLuxe Sep 09, 2016 luxury retail experiences shopping status symbol ... its substantial collective spending power. However, the future of luxury is not as bleak as it may seem. While youth may not be purchasing luxury labels to the extent that their predecessors did, Ys and Zs are paying luxury-level fees for experiences and products that embody qualities that they deem aspirational. Indeed, the future holds ample potential for luxury brands, but only for those that understand how youth are redefining the concept of luxury to better suit their generational needs.Y ...
Cultural Diplomats Sep 10, 2014 food & beverage global travel local culture peer-to-peer tourism vacation ... traveling the world as a life aspiration. In fact, GYs are the fastest-growing age segment in travel spending despite widespread economic uncertainty. They prioritize international travel above categories that previous generations held dear, like owning homes and cars, and their preferred style of travel is similarly unique, foregoing sun and surf vacations in favor of immersive cultural experiences and voluntourism expeditions. This shift reflects their desire to feel like locals rather than tourists ...
Side Buy Side Dec 12, 2017 marketing social life friends ... any that they're interacting with. Similarly, given the ease with which they can tag their friends in a comment on a post or message each other screenshots, they're inclined to do so regularly. In fact, 32% of U.S. Trendsetters and three in 10 in the UK have shared a brand's post/ad in a group chat. And as young generations have made discussing spending habits part of the social discourse (see Public Funds), they're detailing what they bought and whether it was worth the cost. They've even come to ...
The New Friend Zone Dec 08, 2015 global relationships dating friends marriage ... brands are speaking to them based on who they are, not what they are. ACTION ITEMS When creating entertainment or advertising, avoid outdated portrayals of “boring couples” or “third wheels” since people are spending much of their time with friends even if they’re in a relationship. Encourage them to celebrate and flaunt their squads and #squadgoals, as power friendships have become the new power couples. Sponsor or facilitate events that give young people the opportunity to meet potential love ...
Alt Pay Mar 10, 2014 retail technology e-commerce local mobile social media ... the emergence of a range of payment trends, from apps that make spending and money management more seamless and user-friendly, to promotions that encourage users to pay with literal “social” currency (i.e., tweets and posts). This openness to a new conception of currency has likewise spurred the rise of new monetary systems based on local and digital tender. In the future, these alternative methods of payment may prove the norm, effectively democratizing the currency landscape. Below are some of ...
Epic Entertainment Dec 02, 2016 media & entertainment social media ... unnecessary extravagance that permeated the consumer mindset during the Great Recession; with less scrutiny around spending to create an attention-grabbing spectacle, brands are once again allowed to push the envelope if they provide an experience that warrants the sensation. That’s not to say that all big-budget, big-effort entertainment will succeed; brands need to ensure that they’re still connecting with youth’s values to avoid coming off as trying to hard. In the crowded sea of media, people ...
Social Live Jun 20, 2017 gen z social life technology friends social media ... Gen Zs are spending a growing share of their social lives on video chat platforms, which have become a highly relevant hangout for their generation.While older generations regard video calling as merely a substitute for when they can’t physically be with others, Gen Zs are beginning to feel that socializing in this manner can be just as valuable as—and to some, even more relevant than—the offline alternative. Increasingly, they’re hanging out with friends via video chat, and it’s ...
Try Before You Buy Mar 17, 2014 retail technology shopping virtual reality Try Before You Buy ... Retailers are addressing young consumers' penchant for pre-purchase research by introducing both physical and digital home trial initiatives.Generations Y and Z are discerning shoppers and diligent researchers who are highly cautious of their spending. In fact, 54% of Cassandra Report respondents say they do more pre-purchase research than they did just five years ago. To cater to these careful consumers and alleviate their uncertainties about purchasing online, retailers in rising numbers are ...
Peace Of Mind: The Guide To Gen Z Burnout Sep 22, 2019 ... brands help them avoid burnout, while seven in 10 believe that brands should help people avoid burnout. As this young cohort’s spending power only stands to increase as they age and enter the workforce, brands that can get ahead and help them avoid burnout before or as it hits will win their favor. And as half of Zs in the U.S. and UK turn to certain brands when they feel stressed/burnt out, brands across all categories should consider how they shape or create offerings that help these young ...
Sport The Look Mar 23, 2017 fashion & beauty retail logos sports ... defining their personal brand through fan tribes. This is evidenced in their spending; 77% of Trendsetters in the U.S. and 64% in the UK have bought team-related merchandise like jerseys and hats, which is significantly higher than youth in general (41% and 33%, respectively). Since Trendsetters are harbingers of movements to come, branded sports attire is poised to become the next big apparel category—even the new athleisure, a $44 billion market in the U.S. alone that has proven to be more than ...
