As mentioned in my past article, The Rise of the New Luxury Consumer, the luxury market is undergoing a significant shift. Millennials and Generation Z are projected to account for 80% of global luxury sales by 2030, prioritizing luxury goods that enhance their status and self-expression. Soon enough, the more established Generation X and Baby Boomers will no longer wield the market influence they once did.
We have defined this as the Emerging vs. Established Buyer. Emerging buyers are entering their wealth-building years and are eager to spend, while established buyers are becoming more cautious, reducing their impact on the market. Despite this clear trend, many brands remain fixated on short-term sales, catering to older consumers while failing to create relationships with the younger generation.
This shift will impact brands across industries, but let’s focus on its effects in the home sector. Many legacy brands in this space operate under the false assumption that their past relevance guarantees future success. However, long-term growth depends on forging deep connections with emerging buyers now, ensuring they think of your brand when they’re ready to make a purchase.
How to Make Your Brand Relevant to the Emerging Buyer
Leverage Social Media
Social media plays a crucial role in their purchasing decisions, with 88% of Millennials utilizing these platforms for guidance and influence. Gen Z spends even more time on social media – 33.3% more time to be exact – averaging three hours a day on the platforms.
To stay top of mind in a world of constant digital distractions, your brand must be everywhere that they are. This requires an omnichannel approach—combining Instagram, TikTok, YouTube, paid search, programmatic advertising and more.
Equally important is influencer marketing. This generation looks to their peers and trusted voices for inspiration and validation. Partner with chefs, designers, home builders, or other influencers who genuinely align with your brand’s values. While established industry experts are key, it is important to also engage the younger, up-and-coming designers, chefs and influencers who can relate to this target market. The key isn’t just paid promotions—it’s creating real relationships with influencers who truly believe in your brand and advocate for it.
We’ve cultivated chef partnerships with world-renowned talent like Thomas Keller, Emeril Lagasse, and Guy Fieri. Beyond promoting the brands, they fully embraced their values and lifestyle, making them true ambassadors.
Emphasize Storytelling and Authenticity
Highly produced, sales-driven content alone won’t win over today’s consumers. Millennials and Gen Z demand authenticity, seeking brands with clear values and purpose. They don’t just want to know what you sell—they want to know why you do it.
Projecting a clear brand identity is key – you need to know who you are before you can convince others to buy in. From building tone of voice and brand values, to color palettes and visual distinctions, every element of your brand must be identifiable and meaningful.
When Hestan saw an opportunity to introduce a new line and price point for their outdoor kitchens, we performed extensive research to connect with a new audience, honing in on a look and tone that paid homage to Hestan’s California heritage, and Aspire was born. Beyond the award-winning grills, Aspire is an experience – a full throttle escape that transforms any backyard into a blissful retreat.
Create Experiential Marketing
And while we have talked a lot about social media, there is still power in creating an in-person experience that consumers can remember. Brands need to create intentional touchpoints, from pop-up stores to interactive virtual experiences, to engage buyers on a deeper level.
For home brands, this could mean interactive showrooms, AR tools for digital visualization, or live events that allow consumers to see, feel, and engage with the product before making a purchase. The goal is to make the shopping experience memorable and personal, so that they think of you when it is time to make a purchase.
One friends at Smithey Ironware partnered with Ducks Unlimited and Halls Signature Events for a memorable evening during Charleston’s annual Southeastern Wildlife Exposition. They hosted a “Marsh to Table” dinner celebrating conservation and legacy. The evening featured a curated menu by Chef Gary Febinger, giving the brand an opportunity to showcase their product to a new audience.
Offer Personalization and Customization
Emerging luxury consumers crave personalization and customization in luxury products. While they want to set trends, they don’t want to own the exact same product as everyone else.
Home brands can capitalize on this by offering an array of finishes, configurations and product lines. Giving buyers options to personalize their products makes them feel unique and catered to—an essential factor in today’s emerging buyer market.
The brands that will thrive in the next decade are the ones embracing change. Maintaining relevance is mandatory for brand survival. But by proactively building strong relationships with the emerging buyer now, your brand has the opportunity to become the new standard.
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