LV And Burberry Become The Most Popular Brands.

Luxury brands do not need to worry that the millennials do not pay for them, but they need to compete with powerful rivals such as LV and Burberry. LV and Burberry become the most popular luxury brands in the US region.

Recently, the Swiss Union Bank conducted a survey of 2109 millennial consumers from China and the United States. According to the data, there is no indicator that young consumers are more concerned about consumption experience than older consumers. The survey shows that the millennials are also concerned about the luxury of products, so the future competition of luxury brands is competition among products.

Union Bank of Switzerland

Helen Brand said that China's millennial shopping style is different from that of young Europeans. They will choose to shop with their elders. There are signs that Europe is in Europe.

We are targeting Chinese consumers to implement the promotion strategy.

Helen Brand added, "according to statistics, the consumption capacity of the millennial generation was 10%-20% higher than that of the older consumers last year. 60% of the millennial consumers said their spending power is improving, and they said that the product price is not the dominant factor in shopping, but the quality of products and the durability of products."

The Swiss union bank survey shows that in order to successfully seize the millennial market, luxury brands need to fully understand the needs of millennials in different regions and need to stand in the local cultural context to consider the nuances between them.

Helen Brand points out that luxury brands need to make more efforts to win the brand loyalty of Chinese Millennial consumers, because the millennial generation is different from the older generation, but their brand loyalty is very high.

She revealed that the online exposure of brands is also important. Millennials prefer luxury brands with good brand image, for example.

Gucci and LV, brand image is especially important for the millennial generation who likes purchasing.

According to statistics, Burberry and Saint Laurent are favored by Chinese young consumers, while Gucci, Prada and Chanel are less attractive to young consumers, but Chinese consumers of all ages are very keen on LV. However, the millennial generation in the US area is more keen on Burberry and Chanel.