What makes Millenials tick: Ten theses on luxury

In just under four weeks, on June 22, 2017, Germany's luxury conference Luxury Business Day will take place in Munich. At the established conference, which this year is dedicated to the topic of "Millennials and Gen Z", representatives of the German luxury industry will meet for the seventh time. On the occasion of the upcoming event, organizer and initiator Petra-Anna Herhoffer (pictured above) has formulated ten theses on the central theme.

Herhoffer: "This year we are offering our trade audience insights into the world of millennials and Generation Z. Analyses and lectures by renowned representatives of the luxury industry will be presented. In addition, Xenia Abrosimowa from the auditing company EY will present the results of the exclusive study "Millennials and Gen Z - their attitude, their values, their lifestyle". The following theses are based on the study of the same name.

1. "Immediacy" and "Convenience - The everyday activities of Millennials and Generation Z are determined by these two dimensions. The principle is: everything, as quickly as possible, preferably independent of time and place! What is meant here is not so much the luxury of gaining time, but rather the indispensable requirement of immediate availability of products and services.

2. "Social Media makes the Luxury Brand" and cross-media. Generation Z experiences luxury brands via all available media channels. Social media are not a side effect, but an integral part of the brand experience, which is immediately shared in real time. Bloggers, vloggers, youtubers: increasingly, powerful influencers are replacing classic marketing. The majority of Gen Z ascribes a lighthouse function to social media.

3. "Content on demand": Regardless of whether cloud or streaming services -. digital culture and cloud storage eliminate rigid schedules and create liquid structures. For example, Gen Z's entertainment consumption is less about Fast Food Contentbut rather about high-quality content, as lavishly produced series formats on Netflix impressively prove.

4. "Cool Conservatives" - Millennials in particular are commitment-oriented, risk-averse and love structure. In general, a return to more conservative values can be observed. For them, however, following classic guiding principles does not mean exploiting themselves to the point of self-sacrifice. When it comes to jobs and careers, the luxury of Millennials and Gen Z is to invest carefully and selectively in their own education and training.

5. #wokeuplikethis (woke up like this): Generation Z is always ready for a selfie and likes to stage relaxed exuberance. The manipulation of one's own surface through real and digital cosmetics is practiced obsessively by many young women in particular. Not infrequently, one's own face and life are staged like a luxury brand. Advertising promises: Le luxe c'est moi.

6. high end instead of high street: The premium brand world of parents is not really favored among members of the Millennials and Generation Z. Although Gucci and Prada are among the best-known brands among both groups.

7. connectivity first: In addition to luxury from the classic luxury sectors of automotve, fashion, jewelry and indulgence, Generaton Z also experiences luxury in sectors such as consumer electronics and services. However, the top premise for the cross-industry luxury experience is connectivity. As connected as Gen Z and Millennials' lives are, they want to connect with products and services - and with products, their interests and friends.

8. fashion is my victim: While Generaton X defines luxury by attributes such as price and prestige, premium is the new luxury of Millennials and Gen Z. They prefer to reach for vintage pieces in fashion and accessories. Only the traces of life make the luxury piece unique and prevent the embarrassing revelation, label victim to be

9. oversexed & wild for romance: Millennials and Gen Z have grown up with quick access to porn sites and fifty shades of everything. In the social context, two patterns emerge: on the one hand, fear of commitment, and on the other, loyalty and devotion. In the heyday of classic marketing, the following was still true Sex sellsboth groups are now more receptive to images of subtle storytelling.

10. #living, #wanderlust, #foodporn: Cosmopolitans at the start. From Amsterdam to the Maldives. Millennials and Gen Z like to show off where they are and share their instantaneous feelings of quality, well-being, and luxury on Instagram in real time. They love cities as much as nature and have an indomitable urge for a beautiful, wholesome world. They love design and prefer a finely crafted environment to rough, fragile surroundings.