Redefining Luxury | Luxury badges don’t mean a thing to Gen Y | scenarioDNA inc.
Luxury badges don’t mean a thing to Gen Y. Their appetite for the next best thing is voracious. Unlike, baby boomers who could cozy up to a luxury brand, Gen Yers don’t want to stay on the same topic. Technology allows them to hunt and gather information making them less likely to stay true to a name—unless the product behind the name captivates them. However, in the long run, short-lived product cycles will burnout the luxury consumer. For luxury innovators, that means creating a product that a consumer can build on and not discard. A luxury item should have longevity. Luxury is evolving. No longer are we talking about the kind of luxury that breeds keeping up with the Joneses, a notion first borne out of trade and fueled by the industrial age. The next generation is quickly leaving that “me too” notion behind.