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Study reveals Gen Y favourite brands

A new survey has revealed which jewellery and watch brands are most popular amongst Generation Y, and which have fallen off the radar.
450 individuals across 45 countries were interviewed for the survey, conducted by luxury market-research company L2.

The survey measured the popularity of 105 iconic international brands amongst Generation Y consumers – people born between 1977 and 1994. Those surveyed had an average age of 28.5 years.

The survey concluded that Gen Y "loved brands", with 65 per cent of women and 61 per cent of men surveyed considering themselves to be brand conscious. 

Legendary brands such as Tiffany, Cartier, Rolex and Bulgari ranked well for brand recognition and affinity across all groups surveyed.

However, there were several prestige watch and jewellery brands that 50 per cent of the Generation Y respondents did not know, including Graff and Van Cleef & Arpels.

According to the survey, the most “hated” brands can take solace that strong, iconic, logo-driven brands evoke strong reactions – Louis Vuitton and Burberry, despite appearing in the top 20 brands, are also amongst the most disliked.

The study also found that brands aren't capitalising on online commerce. While the bricks-and-mortar store is still the dominant channel for Gen Y, 54 per cent of the group's females purchased luxury goods on discount websites such as Gilt.com and retail websites such as Net-A-Porter.com, while less than 31 per cent purchased directly from a brand's website.

L2 founder Scott Galloway described the study as having potential value to prestige brand marketers and retailers.

"Gen Y goodwill is arguably the closest thing to a crystal ball for predicting a brand's long-term prospects. Just as [baby] boomers drove the luxury sector for the last 20 years, brands that resonate with Gen Y, whose purchasing power will surpass that of boomers by 2017, will be the new icons of prestige."

According to the report, Generation Y has an annual spending power of $US600 billion worldwide.

More reading: Generation Spend

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Wednesday, 20 November, 2019 05:10am
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