L2 Generation Next Forum: May 14, 2010

This week New York is gearing up for Luxury Lab Generation next forum, and luxury brands should follow closely.

Who is generation next? WE ARE. Generation Y has birth dates from mid-70's to 2000's. Luxury Lab recently released a new ranking of Gen Y consumers “prestige” brands, measuring the affinity for 105 iconic brands, and the results were eye-opening indeed. According to Scott Galloway, founder of LuxuryLab, “Gen Y goodwill is arguably the closest thing to a crystal ball for predicting a brand’s long-term prospects. Just as 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.”

Some more interesting facts about generation Y, courtesy of BOF.

Generation Y has wholeheartedly embraced social media and blogs. One in five survey respondents “like” a prestige brand on Facebook (this is the new Facebook language for being a ‘fan’), and one in ten follow a prestige brand on Twitter. Almost half have signed up to receive email from a prestige brand and almost one in 5 consider blogs one of their top three sources for information on prestige brands.

Steve also points out, print isn't dead. Thank goodness!
Stay tuned for updates on the forum!