I came across this blog on Mashable which compared the different attitudes of the Baby Boomer and the Millenial generations by breaking down into their psychological motivations for purchasing a certain product, and the benefits they receive from owning a status item.
It was a particularly interesting read, given how the high end fashion industry is currently in a stage of reform. Companies in this industry have been struggling in the past couple of years due to the hit from the recession on average spend for a consumer. By employing an analysis on the factors that influence consumer behaviour, it has helped the company fundamentally readjust its strategy, so the formula works for the new profile of consumers that are slowly entering the market.
An example of this is the Burberry Art of the Trench project, in which they encourage consumers to submit pictures of themselves or their friends wearing their Burberry Trench coat. Recognizing that the millenial generation recognize luxury as a derivative of how people want something and have a pack mentality, by collaborating with influential creative types such as the sartorialist to showcase people all over the world who own and desire the brand, it helps to bolster demand for the product. Burberry solidifies its brand position through rooting the desire for their brand in the consumers psychology, thus making it more resilient against fashion risk.
My recommendations for Burberry going forward, is to approach influence leaders who are in the consumers aspirational social reference groups, and try to create a positive buzz about the brand from there. This can include fashion bloggers such as Karla Degas from Karla’s closet. By doing so, it effectively creates a community around the brand, and will help to further leverage the desire to belong to a certain social crowd to generate sales.
