Gen Z is loving luxury
Millennials and Gen Z’s were responsible for the growth in luxury markets last year. Shoppers as young as 15 are buying luxury designer items. Compared to Millennials who didn’t start buying this stuff till they were 18.
With that data in mind Gen Z, Millennials and Alpha will become the major drivers of luxury brand revenue.
Why we care; if you are selling luxury items, you may be targeting the wrong end of the age spectrum.
A growth hack from Warren Buffet
When you think of Warren Buffet you might think of him as an investor and a billionaire. You might not know that when he invests in a company, he does more than just write a cheque. He’s what you might call a “value add” investor. Among other things, he gets involved in marketing.
His no.1 growth hack, Luxury Packaging. In a letter to Sees Candy Company Warren writes “People are going to be affected not only by how our candy tastes but, obviously, by what they hear about it from others as well as the ‘retailing environment’ in which it appears. The latter includes the close of store, the method of packaging, the condition in which it appears, and the surrounding merchandise. Just as The New Yorker (magazine) creates a different ‘editorial environment’ for a Lord & Taylor ad than the Village Voice, so do the surrounding in which our candy is offered affect potential customers’ mental – and even gastronomical – impression of our quality…
… (our stores have) taken a number of our boxes and placed them on a counter with 25 other offerings of cheap bulk candy, and other run of the mill products.”
Basically, he’s noticed that his candy boxes were being placed next to cheap ugly boxes which devalued his premium candy just by where it sits on the shelves.
Bite Sized News
- Google says “Keep your head or <head> clean, because if something is broken, search engines will have to guess. Not something you want if you are doing SEO.
- Apple is set to become one of the top 25 ad sellers, with some experts saying they could break the top 10 this year. Looks like Apple’s ad tracking transparency update worked well for them.
- Twitter is banning third-party apps. Looks like Tweetbot, Twitterific and some others have all lost access to the api.
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Till next time,