Today, with instant access to viewing the lavish lifestyle, whether on Pinterest, Tumblr or Instagram, a craving for luxury has increased at an exponential level. Specifically, Millennials are the generation with the most want for luxury items. Although, there is an increase in demand for luxury items, there is no magical increase in money that Millennials have to spend on such items. This generation is looking to experience luxury, not necessarily own it. This is where a new market is starting, and the companies who recognize the need for an experience are excelling.
Companies, such as Rent the Runway or as the New York Times calls it, “A Netflix Model for Haute Couture,” recognized the demand of such a market, and ran with it. Rent the Runway allows customers to go online, pick out a premium designer gown, and rent it for hundreds of dollars cheaper. The renting of these gowns allows customers to experience the luxury of wearing Oscar de la Renta, BCBGMAXAZARIA, Diane von Furstenberg, and other extravagant designers.
In an effort to enter the affordable luxury market, many stores such as Target, and H&M collaborate with well-known extravagant designers. H&M’s has an upcoming collaboration this Fall with French fashion house Balmain. These collaborations keep brands fashion forward, while addressing the wants and needs of the Millennial generation.
Social media has allowed Millennials to take a peek into the fashion industry and with such insight a new demand has begun, affordable luxury. Innovations such as Rent the Runway are the heads for this new industry. The companies who understand this trend and join the others like H&M are bound to prosper. This new industry allows anyone to experience luxury, and for that the Millennials are forever grateful. Is your brand speaking to Millenials? We’d love to know!