Millennials and Luxury Brands, Upcoming Documentary
For the past year, I’ve been working on a documentary about how millennials create and consume content and its impact on the luxury market. The documentary is not finished yet, we are about 2/3 of the way through all the interviews that we need for the film. So far we have about 40 interviews, with heads of marketing and CEOs of luxury brands, publishers, authors, entrepreneurs and social media influencers.
I made this explainer video about the upcoming documentary which has quickly gained the attention of many brands.
I decided to make this film because I’m passionate about the craftsmanship and the stories behind heritage luxury brands and I feel that they are not really connecting with millennials. My goal is to contribute to bridging the gap between luxury brands rooted in heritage and millennials.
The millennial population is bigger than baby boomers and the generation x, they are in fact the biggest generation since world war II and now they are coming into their prime spending years.
According to Goldman Sachs, over the next 5 years, their spending will increase by 15%, while the baby boomers spending will decline by 10%.
Young people are well versed in social media and technology. And, they act with incredible speed in comparison to the previous generations and they are hard to advertise to. And they are impacting the purchasing decisions of their seniors.
Thinks about it, how often does a mom or dad ask their millennial child to help them with technology and finding things online or making sense of social media?
And yet many of the most amazing luxury brands fail to capture this important audience. Because it can be incredibly hard to break the millennial code. But luxury brands rooted in heritage, are sitting on a goldmine.
They have authenticity, quality, amazing stories and they are often more sustainable than many high street brands – these are all the things that millennials care about. But just because you have these things doesn’t mean that millennials are going to line up.
How are they going to know, if you don’t shout about it. And if you don’t shout about it in the right places and in a fashion that they can relate to? You may be speaking in the wrong places, where millennials are not listening
Majority Millennials don’t watch TV, they don’t read magazines or listen to the radio. Instead, they watch YouTube, read blogs and listen to podcasts. So you need to be where they are.
Having an Instagram account and posting pictures of a product is not enough. Often times I feel that many brands treat social media as just an item to tick off their list. Content creation for these platforms is very different from TV, radio and print. The campaign cycles are different. In fact, there is no campaign cycle, it’s 24/7. The style is different. You’ve got to build the message into the content.
The content has to be entertaining and it has to educate them. It can’t be all about the product, it can’t be a sales pitch. For example, you can create short-form reality series about what goes on in the factory, behind the scenes of designing the next season’s release, make it funny. Make it entertaining. Be vulnerable and let them see what goes wrong. Let them see your brand as human.
The ability to be open, authentic and vulnerable is what enables a YouTuber with very little budget create content that garners millions of views and raving fans. And they become influencers and all the brands are now looking to influencer marketing as a solution. But what is influencer marketing? What its future? Where is it going? And how can brands learn from them, become influencers and own their IP.
Every brand should also be a TV company, publish meaningful content that comes from the heart and that is not just about ticking off the box. We also need to seriously think about how to capture the Voice frontier. Voice is the next generation of search engines. At the moment, you may think it’s just confined to Amazon’s Alexa and a few other player in the market. But before you know it, it will start impacting the luxury market too.
Young people are also increasingly leaning towards podcasts when they are on the go. Because as opposed to watching a video, you can do other things when you listen to podcasts.
The important message here is that we need see this evolution of the market the advertising landscape as an opportunity and positive thing. Yes we all have to re-learn a lot of things, but think about how many amazing ways you can target your exact audience and tell them your story and what this means for your brand. I’m super excited to be in a place where I can contribute to bridging this gap between millennials and the luxury market.