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Hide the Cristal. Millennials are now the target for many brands, but in the luxury space, there’s a striking shift from their predecessors.
“Gone are aspirations to acquire the must-have brand-name purse and thousand-dollar bespoke suit. They don’t see money as a way to show off. They don’t flaunt it or need to impress others.”*
Instead they seek out enriching experiences – from trips to the Amazon to the ports of Croatia – to feature on their Instagram feed. It’s more about sharing the opportunity with friends than showing extravagance. Today’s social media gives them the platforms whether it’s Facebook, Instagram, Twitter or the newest platform, Periscope. Nothing is off limits and their creativity has no bounds. They realize it’s not what’s flashy on the outside, but what’s beneath the surface.
So what does this mean for marketers, especially those in the alcohol category? You have to be more than a pretty bottle. There needs to be substance and quality to what you’re selling. Here are some brands we think will be in the hands of these “millennial millionaires.”
LAPHROAIG
The single malt category can be stuffy and dad-driven, but this scotch brand doesn’t take itself too seriously. As one of the best, it maintains its premium nature while speaking to the growing millennial audience.
CHAMPAGNE TAITTINGER
It’s one of the best from the region and they know it. No need to shout from the Chateau’s rooftop. This family’s subtle, yet elegant branding exudes class. And they serve up behind-the-scenes content we want to see. We have to wonder though, what’s behind the curtain to this heiress and her family?
ILEGAL MEZCAL
Tequila’s competition – mezcal — is the best example of how luxury is being redefined by millennial millionaires. This brand has a story and it will never be passed around like Patron. It doesn’t scream luxury, but they don’t want that. It will be served at Montauk’s Surf Lodge this summer. Enough said.
*Millennial Millionaires, Forbes