Generation Z is redefining Luxury fashion
Born into the digital age, Gen Z is an independent generation in every respect that is completely different from its predecessors. And their disruptive fondness for luxury fashion also seems to be innate.
Generation Z is currently on everyone's lips when it comes to marketing. The first real digital natives live according to the motto "digital first". They socialize digitally, can be entertained digitally, study digitally and of course also shop digitally.
Although its members are still very young, Gen Z already has a lasting influence on the products - and has literally taken the luxury fashion industry by storm. Good example of the disruptive influence: Louis Vuitton's newly released ready-to-wear men's collection for summer 2021 with a jacket including a 3D doll sewn onto the chest (price: 4,000 euros) and a futuristic, 2,500 euros inflatable vest made of polyvinyl chloride. Louis Vuitton shows how important it has become for luxury brands to display ingenuity and imagination.
Louis Vuitton is not an isolated case: Balenciaga's collaboration with Cyberpunk 2077, one of the currently most popular video games, has sparked storms of enthusiasm among China's young fashion lovers and even unexpectedly found its way into the mainstream of the Chinese fashion scene. Fittingly, I recently read this comment about the game: "If you haven't seen Cyberpunk 2077 on your screen, you are no longer young." Well, if that's not reason enough to mention it here. I hope this is how we all feel a little younger now.
The (fashion) taste of Gen Z shakes up the luxury industry just as much as their affinity for technology. This also has an effect on preferences at the point of sale: They are not interested in buying the exclusivity and traditionally attributed to luxury items. Rather, Gen Z simply wants to break through all borders. She is looking for inspiration and wants to dive into experiences. While the previous generation acted on the premise “If I can find this product in a store, why bother searching online?”, Gen Z's tenet is “If it isn't fun to shop in a store, why should I bother to go there? " The logic behind this is clear: Everything can be bought online.
While the young generation challenges the luxury industry with their different and new demands, the disruption also gives brands and companies new opportunities for innovation and rejuvenation. In recent years, Gucci has been a real pioneer here. Nevertheless, despite all the disruptive power of Gen Z, brands should follow a clear line: Who are we? Who are our clients? And how can I inspire my customers? Once these three strategic questions have been resolved, the path to the future should also be reasonably clear. And also: Since the Corona crisis is forcing the world to become more digital, we are all getting closer to “Gen Z” in a certain way, right?
Author: Wenjing Wang is Managing Director, Hylink DE Digital Solution, a location of the largest Chinese agency Hylink with around 2,400 employees worldwide.
Link to the original article: https://www.absatzwirtschaft.de/so-definiert-die-generation-z-luxusmode-neu-178998/
