Older millennials are a hot audience for big ticket brands. As they hit their late 20s and early 30s, millennials’ bank accounts are soaring to new heights. 32% of Pinners aged 25-34 already have household incomes of $100K or more, according to recent comScore research. And as their salaries trend up, they’re showing more interest in upscale categories. Since today’s luxury dabblers are tomorrow’s devotees, now’s the time for aspirational brands to win millennials’ loyalty.
Millennials don’t just want what everyone else has: they seek brands that reflect who they are and what they believe in. Whether they’re shopping for a new handbag or planning an exotic getaway, it’s got to be the right choice for them. So when they start thinking about big purchases, they make sure to do their research.
Because millennials are still learning the ropes on high-end categories, they’re particularly receptive to brands that help them navigate the options. We see Pinners search and save across every stage of aspirational spending. Some Pinners are hunting for tomorrow’s accessible indulgence, like high-end perfume. Others are planning for a “someday” purchase, like decor for their dream home. Either way, there’s room for brands to get involved in the discovery process. If you’re selling high-end goods or experiences, here are some strategic ways to connect with aspirational millennials:
Studies show millennials want relatable but inspiring ideas for how to wear and interpret trends and products. They also like mixing high and low price points together in the same outfit to achieve a completely unique look. Gucci’s recent street style campaign highlighted special pieces from the coveted brand in looks that millennials could easily interpret for themselves. For example, during New York Fashion Week, Gucci partnered with Vogue on a street style campaign called “100 ways to wear Gucci.”
People are often willing to trade up on smaller purchases to get a little taste of luxury. Burberry knows many millennials can’t buy their clothes, so they also promote less expensive product lines–like makeup. Burberry recently used the Pinterest API to introduce its new Cat Lashes Mascara. Pinners answered a short questionnaire about beauty habits, then received personalized content like how-to guides and product tips.