Brand Loyalty Turns Over a New Leaf with Millennial Labels
Buyers are striving for a meaningful connection with the products they purchase
You may have not noticed it yet, but there is an inconspicuous shift in our spending habits. The departmental store has somehow managed to get past the friendly shopping experience to a zone where we find ourselves lost between unending rows of cheaply produced fast fashion. It just so happens, that the allure of a product does not lie in its packaging any longer. Shoppers these days, pick products that they can trust from brands that can establish a connection with their ideologies.
I remember the time when our personality resonated with the brands we leaned towards. And then, as is always with fashion, trends changed and brands no longer created identities. It went to the point where fashion came on the verge of going anti-label. But all of this is neatly put behind the years that have gone by, and we are now amidst a new fashion revolution. Social media has helped brands reinforce their presence by capturing the attention of the shoppers and strengthening their personal connect through customer engagement. Using Instagram to tag your favorite brands is the perfect example of creating a lifestyle and telling the story really well across multiple platforms.
In this age, customers are empowered with technology and multiple options. This means, that they are now in a position to make informed decisions regarding their fashion purchases. When they step out in their latest purchase, they want to be able to tell people about the story behind it. Things that made it special; for example: what it stands for, the designer behind it, how it was made, and the type of person it represents. These are the things that matter now. It is not just about splurging on pieces anymore, but about having them identify with what you stand for. Several labels have made Eco-friendly clothing cool by way of instantly recognisable aesthetic ~ where much of the sustainable fashion industry has failed. And the one thing that sets these labels apart, is their ability to build a connection with their buyers so that shoppers can be converted into loyal customers.
Recent research shows that the industry of luxury goods is anticipated to grow by merely 2 percent next year {based on the deteriorating sales numbers in 2016}. At the same time, the study puts millennials in a stronger position when it comes to potential buyers. So to say, the ones who form a larger group of buyers are currently shoppers who prefer establishing a bond with the labels or brands so that they can connect with the products they buy. Where then does that leave the big fashion houses and beauty conglomerates?
Established fashion houses will need a strategy that is more than their rosters of prestigious names to keep up; connecting with and listening to the customer will become incredibly important for their success. Shoppers today have reinvented the way we look at luxury. It stands for convenience and simplicity, making fashion more accessible for its buyers. But many traditional fashion houses have made their way up the ladder of success by detaching themselves from their customers; they sort of base their value on how inaccessible they are. This is probably one of the reasons why it is difficult for them to completely comprehend the current shift in the buying habits where shoppers are proud to be a part of a brand’s development.
That’s why I totally like the new generation of brands ~ they believe in standing up for something beyond the products. And, I feel that when a company is driven by a purpose that rises above their actual business, then customers are bound to notice and respond.
Feel free to share your thoughts in the comments section below. 🙂