Which Luxury Brands Are Experiencing a Millennial Renaissance?

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Luxury fashion brands that gained their status catering to Gen X are now challenged with appealing to younger demographics in order to stay relevant. Some of the fashion industry’s top brands have done exactly that by integrating with pop culture and social media to appeal to millennials who have graduated into the workforce.

Using E-Score® Brand we can pinpoint the Appeal of these brands among younger and older generations, as well as the key Attributes each generation finds important.

  • Gucci, Versace, and Louis Vuitton all score notably higher in Appeal for millennials versus Gen X. Louis Vuitton is the top brand for Gen X while Versace narrowly takes the top spot for millennials.
  • Pop culture and social media have played a crucial role in helping these three brands stay relevant among younger generations. With tens of millions of followers on Instagram and mentions in some of today’s most popular songs like Gucci Gang, all three brands score nearly twice as Cool with millennials versus Gen X.
  • Despite its highly recognizable style, Versace rates lowest in Unique among millennials but outscores its other competitors in the eyes of Gen X consumers.

Trend-Setting Brands – Millennials vs Insta-Gens

Luxury fashion brands have been effective in appealing to millennials but Insta-Gens (ages 13-21) are increasingly becoming the generation that sets the trends. By looking at the Trend-Setter attribute among both millennials and Instas, we can see which brands are attracting aspiring customers and establishing early loyalty.

  • One of today’s most exclusive brands, Supreme, tops the list for millennials with a Trend-Setter score of 47 but ranks 19th with a score of 12 for Instas – highlighting a potentially short lifespan if the brand doesn’t start appealing to younger consumers.
  • Insta-Gens aren’t the target consumer for luxury fashion brands yet, but some of them like Louis Vuitton (45) and Versace (42) score high in the Trend-Setter attribute and are aspirational among the young generation, teeing them up as future customers.
  • While Nike appears in top Trend-Setter lists for both millennials and Insta-Gens, Adidas scores higher for the younger generation, posing a potential threat to Nike’s crown among sports fashion brands.

Retail Fashion Brands

Some fashion brands choose their own branded retail locations, often appealing to the cost-conscious consumer. Here are what millennials think of some of the top retail fashion brands.

  • Specializing in sports team hats, New Era Cap tops the Appeal list by a 20-point margin among millennials. It also leads in Brand Loyalty (64).
  • Direct competitors Forever 21 and H&M have nearly identical Appeal scores but H&M pulls away among millennials in Brand Loyalty with 46, compared to Forever 21’s 35.
  • Millennial (and Insta-Gens) looking for high-end name brands at a cost-effective price point often turn to retailers like Ross and Marshalls who have high Practical scores (31 and 22, respectively) compared to the above-mentioned retail brands.

Resources

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