Pivot Post Pandemic Part 2: Lessons from Industry Pros
Part 2 of our 2-part series on luxury retail brands shifting in marketing, messaging, and product focus in a post-COVID world.
Consider this statistic: 60% of Gen Z and millennial consumers in China who delayed purchases due to COVID-19 are planning on making those purchases once the pandemic ends.
In this way, Gen Z largely represents the future of purchasing power for luxury brands.
Can your luxury brand appeal to the emerging Gen Z markets? Listen to these lessons from industry pros to find out:
Gen Z Cares About the Environment
Well before COVID-19, younger consumers wanted their brands to make a stand concerning eco-friendly practices. As per a Jing Daily article published on scmp.com, this trend is expected to grow and surge.
In China, Gen Z experienced a high standard of living growing up during the country’s ascent into a worldwide superpower. Their attitudes toward consumerism are more evolved, with similarly high moral principles to western consumers.
This is a new form of conscious consumerism Gen Z has fully embraced. Their purchasing behavior indicates they’re making more informed decisions to ensure their favored brands reflect those values.
This is why brands such as Icicle – who are innovating responsible sourcing and sustainable production processes – stand out from the pack to attract Gen Z.
Mindful Consumption is a Primary Focus
The focus on sustainable and eco-friendly practices stems from a purchasing philosophy known as mindful consumption.
Mindful consumers want to be more informed as to fight against the negative aspects of consumerism. Doing so will prioritize consumer welfare.
While sustainability is a significant part of mindfulness, individual well-being is another core component. Speaking to this growing shift are products such as the Chinese app Keep, and an increase in sales of home-fitness gear and specialized gyms.
Industry shifts for luxury brands are developing quickly. Who knows what unexpected trends will be next.
You need a team of innovators who offer creative solutions in the rapidly changing luxury marketplace. Those talented individuals are available at the Bowerman Group–contact us today and get started on your employment journey.