Think Tank: Why Millennials Are The Future Of Luxury

For many years baby boomers have dominated numerous industries ranging from fashion, car sales, shopping, business, and education. According to Pew Research Center, there is about 74.9 million baby boomers who range from ages of 51 to 69. Millennial’s ages span from 18 to 34 years and they number at 75.4 million. Not only have millennials passed baby boomers in population, but they have exceeded the amount of impact they have on businesses, companies, and industries. The next generation of millennials are making their mark on multiple industries. Although many people still believe baby boomers have a greater impact on society, millennials have a superior influence compared to the average person or baby boomer.

Millennials have begun to impact

Millennials have influenced how these luxury stores broadcast themselves when it comes to the advertising and the experience of shopping. In the article, “Think Tank: Why Millennials Are the Future of Luxury,” Gabrielle Rein, the cofounder and creative director of Viceroy Creative, a boutique creative, design and marketing agency based in New York states that, “According to digital marketing research there has been a 400 percent increase from last year in the Instagram posts of fashion brands.” “The goal is to get ordinary people to crave extraordinary things so that when they grow up and make it big, that extraordinary purchase will be their everyday.” Social media sites like instagram are a great way for these companies to get famous social media celebrities advertise their products. It is common that most millennials follow at least one or more famous social media star. In addition, Instagram allows companies to have sponsored ads show up on user’s news feed. This is an effective way of advertising because millennials are consumed by technology and more they more than likely spend at least a couple of hours a day looking at different social media sites This way of advertising attracts millennials by providing a way for them to experience shopping at the comfort of their telephone screen. Furthermore, these high end companies have begun to try to attract millennials

“15Five reports that over 80% of Millennials in the workforce say they would rather work for a company that values “open communication” over one with top employee benefits, showing that they value healthy work environments and advancing their own careers more than they value material rewards like benefits and bonuses.” As shown in the evidence, millennials are not purely concerned with money or prizes in the workplace, they value connections and relationships in their occupations in order to make going to work enjoyable and happy. More importantly, relationships in businesses are necessary for harmony and success. Minimal interaction among workers and employers can affect employees emotionally and companies financially. Without varied opinions or multiple relationships, it is difficult for any business to strive with one mind alone. “A survey from theEMPLOYEEapp reports social media as the most popular platform used by employees on a daily and weekly basis. Surveyors indicated that social media was an especially useful venue for company news and event announcements.” Cell phones not only allow expansion of relationships for employees but customers as well. Social media allows customers to be quickly connected to companies. And in order for a company to stay relevant and in business social