by Cree McCree
- Chanel and BMW are sitting pretty with young lush lifers. The old-school luxury brands scored the top two spots in the first annual L2 Gen Y Prestige Brand Rankings, which surveyed high-earning Millennials from 45 countries (MarketingDaily 5.5.10).
- As you’d expect, cars drew the most male votes, snagging 8 of the top 10 spots. But German brands like BMW and Mercedes-Benz also scored with women, who put cars just below fashion in the category rankings and above beauty and skincare.
- Key takeaway for companies? Amp e-commerce. While stores still dominate, more than half of Millennial women purchase their luxury products on discount websites like Gilt.com, with just 31% opting to buy directly from brand sites.
WHAT THIS MEANS TO BUSINESS
- Like family fortunes, luxury brands get passed from gen to gen. With Millennials poised to wield major purchasing power by the time they start having kids, the time for new traditions is now.
- Cars aren’t just boy toys anymore. Pricey wheels hold equal appeal for young women, especially if the brands speak directly to them.
- Old school rules. But upstart prestige labels can still make their mark with Millennials if they leverage e-commerce with viral marketing.