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It’s the matter of the 10 million-dollar households that makes the difference. That group is growing. That’s the bright spot for luxury.
Speaking at our Luxury Futures Forum last month, the managing partner at YouGov revealed the spectrum of Millennial attitudes to luxury and why brands should not ignore the ultra-wealthy.
1. Don’t mind the times. The ultra-wealthy are insulated from the effects of the Dislocated World so don’t drastically change your strategy with every global crisis.
2. Stay young. Cara points out that most Millennials have experienced some level of luxury consumption, even if it is infrequent, so don’t ignore them.
3. Question affordable luxury. YouGov’s research has revealed that creating lower entry points to your brand will devalue it in the eyes of your top-tier customers.
4. Avoid blanket judgements. Millennial attitudes to luxury are varied, from those who are just like their parents to those who champion an ethical agenda.
5. Go straight to the top. Ten million-dollar households grew by 75% worldwide from 2010 to 2015, so make sure the super-rich are a key target market.