Gen Z is predicted to be the No. 1 luxury client by 2030, which leaves only six years for brands to build a brand strategy that courts this demographic.
Wary of change, most luxury brands reserve their efforts for an older, super-elite demographic. They stick to appointment-only gated retail, supplemented by a glossy ad in Vogue or an avant-garde TV spot, very little of which engages a wider audience, let alone speaks to Gen Z. Équité Research has highlighted that less than 10% of luxury brands are able to tell a compelling story, predicting that 50% of luxury brands risk extinction if they fail to adapt.
An emotion-led cohort, Gen Zers value an authentic bond with the brands they choose to champion. This is where the importance of accessibility comes in. To build a solid relationship with Gen Z, it’s vital that luxury brands switch tactics:
Community over exclusivity
To survive, brands need to build a regular dialogue with Gen Z via an inclusive community. Brands need to create accessible touchpoints and create “new news” to win over Gen Z and future-proof themselves.