High end fashion brands are using which media platform to win over millennials?
According to a new report by UBS, they are using social media to attract the millennial audience. This report, the European Luxury Report, stated, “Our view is that the brands winning over new consumers (notably millennials) are those gaining share.”
In fact, Gucci has become so successful in attracting the millennial audience that half of its sales are to a younger demographic. And surprisingly, Yves Saint Laurent has 65 percent of its total sales to millennials!
Which media platform is the key to this success? It’s no other than Instagram. Higher followings are in direct correlation to higher sales. Gucci has 20.3 million followers. Louis Vuitton has 20.7 million followers on Instagram and 33 percent of its customers are young millennials.
UBS also believes the luxury fashion market is “back in vogue” on the whole when it comes to brands. As a result, it forecasts a seven percent growth in this demographic in 2018.
What demographic is this growth attributed to? UBS believes that this growth is perpetuated, in part, by middle-class Chinese consumers. They increasingly have a more disposable income and rising incomes on the whole. Also, the wealthy Chinese consumers are the main force when it comes to growth in high-end luxury fashion. But currently according to UBS, the fastest rising demographic for consumerism of luxury brands is actually the Chinese middle class. As a result, they have garnered a lot of attention from these global fashion houses.
While Instagram has helped launched thousands of independent fashion brands, it’s also helped develop a new audience for high-end luxury brands looking to attract a new generation. No matter how renown you are in the fashion industry, it’s apparent that Instagram is the go-to platform.
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