Luxury brands must act in accordance to their values to attract Gen Z consumers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 30, 2020, 1:15 AM UTC

Allowing Gen Z consumers to co-create with a brand can help engage them.

This article shares how brands can attract luxury Gen Z consumers. As per Bain and Co’s data quoted in the piece, Gen Z are set to account for 10-15% of the luxury market by 2025. As a portion of all consumers, Gen Z currently make up for 40% of them.

To engage this cohort, brands must be vocal about their values and take action towards demonstrating their commitment towards those values. 49% of Gen Z consumers wish to be a part of social impact initiatives that brands may have.

Brands must build authentic communities that allow for a two-way dialogue. They could seek inputs and feedback from Gen Z or hire them to contribute their opinion. The author recommends treating brand loyalists as partners.

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[5 minute read]