Wednesday, 19 May 2010

What Makes Generation Y Tick - 19/5/10

Social engagement, exclusivity and uniqueness are what Gen Y look out for in the luxury industry. They are not after the status symbol that comes with high end fashion, but rather this influential generation are seeking an experience that is worthy of their dedication to a brand.

LuxuryLab’s recently held ‘Generation Next Forum’ revealed that Gen Y are setting the boundaries for the fashion industry, as they constantly seek out brands that will engage with them on a new level.

As companies strive to provide a truly authentic experience, Gen Y are happy to become loyal to the brand. When a brand lacks this engagement, is where we see a difference between Gen Y and their parents; “this influential, internet-empowered generation will go out and find somebody else who does — and if that doesn’t exist yet, they’ll create it themselves.”

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1 comment:

Joseph Shippee said...

Hello friends. I think it's very interesting that you chose the oh-so-classic and always in demand Lady Dior bag from Christian Dior has a photographic element of this post. The bag was originally created in 1996 at the request of Madame Chirac for Princess Diana to serve as a symbol of France, on an official visit of the Princess to Paris. The quilted pattern is a Louis XVI print called Canage, which was originally found on the gold gilded chairs in the main salon of the House of Dior.

While I was working at Dior, this Lady D collection was one of the only collections I found that appealed to every age range, every nationality and ethnicity, and everyone's taste.

Classic, simple, elegant. Three qualities that really define the generation Y as well. As a member of this new generation that seems to capture the attention of both luxury and not-so-luxe retail markets, it's comforting and exciting to know that we're making the right decisions. And just as you say, we're happy to align ourselves with a brand that remembers the past, lives for the moment, and prepares for the future.

We like what we like, whether we know why or not. And in the ever shifting ideals and directions of retail, if we decide that a brand is no longer meeting our needs, whether through price, value, quality, or selection - we'll move on to someone better and brighter.

Great article!

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Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,