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Collect moments, not things: luxury for millennials

They are the largest generation ever, they are forever changing their way of doing business and being a consumer, and their purchasing power will soon account for about 50% of total expenditure on secondary goods. Here are who the Millennials are and what the word luxury means for them.
Millennials, so many ways of being and one way to do it: to be born between 1980 and 2000 and to take on the role of the first, among the adults of the new millennium. For the neorealist man, the Millennials are strange people: they talk in chat rooms, use apps, post photos. According to their grandparents, they have an incomprehensible vocabulary, and according to their parents they have not understood very well what it means to grow. In fact, they are simply different. They are a creative generation that approaches life in an unprecedented way, close between an educational model that has become obsolete in the space of a few years and the conventions imposed and suggested by the new social order. They are a generation rich in contradictions, forced to reconcile themselves with a continuous and destabilizing mutation of the system as well as with their own soul, divided between their analogue being and digital becoming. And they are a paradoxical generation, unfortunate on the one hand, lucky on the other. The transition to the year 2000, in fact, marked an important paradigm shift from the social point of view. A passage that, rather than describing the demographic question, brings the connotations of a profound mutation of the individual.
To begin with, the Millennials have another concept of space-time, different priorities and their plans for the future are no longer so predictable. On the contrary, projects often do not make them their own, as they are in a historical context in which it is simply impossible to plan the future with the same historical far-sightedness that has characterized previous generations.

For the Baby Boomers, having a model life meant studying, emancipating themselves from their origins, making a career, marrying and putting on a family within a certain age. For young adults in the new millennium, this is no longer just as important. The Millennials have inherited from their parents a system of values and a vision of the world that can no longer represent them. Postmodernism has rewritten the contours of existence and introduced new ways of living. Generation Z is also an integral part of the digital revolution that has redefined the concepts of time, space and access to further experiences. This, of course, is reflected in consumption patterns

Explains Claudia D' Arpizio - manager of a prestigious consulting firm, Bain&Co in Milan - who was asked by Forbes magazine to shed light on the future of the business.

smart and digital working

Personal Branding - One size does NOT fit all

The Millennials place their trust as consumers in brands that are able to offer something beyond the product, and expect personalized consumer experiences that can intercept and reflect their existential routine, based on living the present analogical and being simultaneously immersed in the digital atmosphere.

Millennials stands for ubiquitous computing and perennial connectivity. 87% of them don't separate from their smartphone for more than 60 minutes and check messages and notifications about 100 times over 24 hours.  On average, they find it easier to communicate with technology than to talk to people; and towards their computer offshoots they have very high expectations. Efficiency and effectiveness of performance are priorities: where man does not arrive, he succeeds in some applications.

According to the results of an accurate profiling work sponsored by Goldman Sachs, more than 90% of consumers between the ages of 18 and 35 have completed at least one online transaction in the last 12 months; and 80% of those who still go to the store have searched on the internet for product information. 60% of these prefer to appear in stores that offer augmented reality services, especially when it comes to shoppers who are interested in lifestyle: virtual fitting, artificial styling, 3D models for dress testing and immersive environments.  

The virtual increases buyer engagement, entertains and entices mobile shoppers to increase conversions. And for the young consumer it is essential to have a smartphone in his pocket that can support the new shopping experiences proposed by the brands.


Social Committement - You are the one you buy

B2C (business to consumers) and above all C2B (consumers to business): Millennials feed on user-generated content. Before spending, they look for relevant information among ordinary people and VIP testimonials who authorize shopping; and they love to be themselves, witnesses of their shopping experiences by writing reviews on some apps and giving advice from their social accounts. Some of them - called influencers - have turned this habit into a well-paid profession. They have put themselves at the service of brands they love, and they talk about it to their follower audience through a Facebook post, a photo on Instagram, a clip on Youtube, an instant video on Snapchat. Influencer marketing is now an established reality in the fashion, beauty and luxury sectors: Chiara Ferragni was only the tip of the iceberg.  

Generation Z sublimates its global vocation in the policy of content sharing and instant communication. And although the Millennials may appear superficial like their hashtags, they are actually a generation with a great social conscience.

It will be because we live an extraordinarily problematic epoch; it will be because it is impossible not to stumble in some manifestation of social unease; or it will be because their parents were those politically deployed and their greatest cousins the punks of 1977. The fact is that one in three Millennials chooses to support - or boycott - a product or service in relation to the brand's policy, and attention to social and environmental causes. You are the one you buy.


Wellness Lifestyle

For Millennials, living well means being good: healthy eating, being fit and pampering in body and soul. If once wellness was synonymous with health, today it is no longer just a matter of the immune system. The concept of wellness has expanded the boundaries of well-being. After twenty years of junk food made in the USA and microwave pre-cooked foods, we return to the kitchen. The culinary traditions are rediscovered, the shopping is organic and the menu often includes super food: exotic fruit, seeds, berries, centrifuged berries and spices from other cultures. But diet is not enough; you also need the gym to be better, the sauna for detox, the weekend at the beauty farm to reduce stress.

The ubiquitous computing, the technological apparatus that acts as an offshoot of the ego, allows us to collect and interpret data related to human being, the way we are in the world and the way the world impacts on our person. Through smartphones, smartwatches, apps, wearable devices and nanometric biosensors, the Millennial measures itself. It takes note of habits and physiology, records vital parameters and hormonal cycles, rays on biorhythm and circadian cycle to identify enhancement strategies aimed at improving performance or achieving a well-being that always seems to be unachievable.

Diets, meditation, feng shui, yoga, spa, and constant work on one's self-awareness: the holistic wellbeing of the person is a daily challenge and a long and short term goal on which it is worth investing. The care for oneself and the search for healthy experiences testify to the characteristic mentality of the new generations, who place their trust in official science as much as in alternative proposals. The opportunity, for the Millennials, makes them healthy and in this sense it becomes fundamental to carve out spaces to restore the right balance between life and working time. Today, more than ever, the saying a healthy man is a healthy body applies.

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