LSN : News : Stat: Young Americans delay marriage due to financial concerns

New Genesis campaign aims to disrupt luxury automotive sector

Luxe is in the Details by Genesis, US

South Korea – South Korean car-maker Genesis is shaking up the luxury automotive landscape with its latest marketing initiative, Luxe is in the Details. The campaign, which focuses on the brand’s line of SUVs, employs cutting-edge technology and shifting viewpoints to highlight intricate vehicle details.

Using motion control cameras replicating complex movements, the film spotlights SUV models such as the 2024 GV80, GV60 and electrified GV70. This approach allows extreme close-ups of the vehicles, showcasing the craftsmanship and details that make Genesis stand out. Genesis aims to capture the attention of younger luxury shoppers and position itself as a disruptor in the luxury car world.

The campaign roll-out includes tv ads, social media content and digital partnerships. With a booming luxury SUV market, Genesis’ focus on engaging visuals and its unconventional approach align with its vision to challenge the luxury automotive status quo.

This focus on craftsmanship as the future of luxury is a subject that we explore in more detail in our upcoming luxury macrotrend report, Luxury Recrafted. RSVP now to attend our webinar taking place on 5 September from 4:30pm to 5:30pm BST.

Strategic opportunity

In a crowded market, luxury businesses need to hone in on the elements that make their products worthy of the price tag: quality and craftsmanship. Are you effectively communicating the attention to detail that goes into production?

Marc Jacobs converts classic Daisy perfume into capsule format

Daisy Drops by Marc Jacobs

US – Marc Jacobs’ iconic Daisy fragrance, known for its flower-shaped flacon, has been given a makeover. A new compact version encapsulates the perfume in pea-sized drops, offering a travel-friendly alternative.

Daisy Drops come in small round tins that could be mistaken for mints containing 30 individual fragrance capsules.

Embracing sustainability, the capsules developed by Marc Jacobs Beauty use natural ingredients, omit alcohol and minimise plastic waste.

The gel inside each drop dries quickly on application and leaves no residue, only a long-lasting scent. This novel format in perfumery easily fits in handbags, promises no spills and requires less packaging.

As such, Daisy Drops serve the dual purpose of accommodating frequent travellers while providing a lower-cost option for consumers with tighter budgets or unsure if they want to commit to the full size without a test drive.

The Daisy Drops disrupt traditional fragrance norms, echoing packaging and product application directions we have been tracking in skincare, such as Réduit’s smart delivery skincare devices.

Strategic opportunity

Players in the beauty, food and drink industries should explore eco-friendly single-use packaging innovations, such as Marc Jacobs’ Daisy Drops, to meet rising consumer demand for sustainable and on-the-go solutions

Stat: Young Americans delay marriage due to financial concerns

Ssense Bridal Capsule Collection, Canada

US – A poll of 906 Gen Z and Millennials – all in a relationship but unmarried – conducted by the Thriving Center of Psychology and released in June 2023 sheds light on why young Americans hesitate to marry. While most participants (83%) aged 18–42 express a desire to marry one day, financial constraints have become a significant obstacle. The survey reveals that 73% of respondents find the cost of marriage in the current economy to be too high. Spiralling inflation has driven up wedding expenses, with the average US wedding costing £23,785 ($30,000, €27,770) in 2022, according to The Knot.

Numerous couples find that the potential debt associated with a lavish wedding isn’t a worthwhile trade-off. This contributes to a larger societal trend where one out of every four 40-year-old Americans remains unmarried, according to Pew Research Center.

Factors such as fear of failed relationships and societal expectations also influence younger generations’ approach to marriage. Almost half of those polled said they feared potentially getting divorced in the future.

As explored in our Modern Marriage report, on top of cost, sustainability, identity and mental health are now being taken into consideration by Gen Z and Millennials when considering getting married. But these generations consider marriage as an optional – not a necessary – life stage.

Strategic opportunity

Amid inflation and a new approach to weddings from Gen Z and Millennials, marriage industry players and outside competitors must adapt their offers and prices to a new wave of cost-conscious nuptials