Fashion Retailer Alert: Delight Millennials or Die! – Part 2

Technology Revolution: The Future of Now

Bonnie D Graham

News, Business News, Technology

4.9 • 112 Ratings

🗓️ 28 August 2013

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The buzz: Millennials are here. Retailers, watch out. Tom Julian, Doneger Group: “A celeb today has more impact and influence as a player in fashion and the retailer than an award-winning young designer.” Greg Girard, IDC: Get off of the catwalks and on the sidewalks to see what's coming next. Pinterest is the newest sidewalk. Sarah Austin, Pop17.com: “Micro-celebrities, fashion bloggers, and Hollywood celebrities are the new trendsetters. They embrace technology blogging platforms, social media and photography. Naima Mora, Model: “Fashion and technology have allowed us as millennials to put ourselves in the spotlight that was traditionally held for celebrities.” Hadi Labarang, FSHN: “Bloggers and photographers with a significant following are now celebrities of their own.” Layla Sabourian, SAP: “88 percent of millennials admit to following every celebrity’s move in weeklies and online.” (Young Entrepreneur Council) Hear Fashion Retailer Alert: Delight Millennials or Die! – Part 2

Transcript

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0:00.0	Welcome to the most nutritious hour of business talk all week.
0:13.1	This is Coffee Break with Game Changers, presented by SAP.
0:17.1	The best run business is run SAP.
0:19.7	Your host and moderator is Bonnie D. Graham.
0:22.1	You'll hear from the innovators who have learned to use game-changing technologies to shake up the status quo and help move today's businesses in new directions.
0:29.9	Now, here's Bonnie D. Graham.
0:32.4	Hey, if you want to run with the game changers, you're in the right place.
0:36.7	Today, I'm excited to tell you this is
0:38.4	the 100th live episode of SAP Coffee Break with Game Changers Radio. We're thrilled to be here.
0:45.2	Let me tell you about today's buzz. Well, this is part two of what we started last week. Such a big
0:49.6	party. We had to keep it going. So here's the buzz. Millennials are here. Millennials are here.
0:55.1	Our advice to today's fashion retailers, you better watch out. Let me do a little level setting before
1:01.1	I read you what my expert guests have to say on this topic. Definition, the millennial generation,
1:06.8	aka Gen Y, you know, there was an X. I hear there's a Z coming. We're on Y now. Is the demographic
1:12.8	cohort following Gen X? Well, that makes sense. Their birth dates range from the early 1980s to the
1:19.1	early 2000. So put on your little thinking cap in terms of how old they are right now. The publication
1:26.4	Luxury Daily reports that over 50% of aff old they are right now. The publication, Luxury Daily, reports that over
1:28.1	50% of affluent millennials plan to increase fashion products spending during the next year,
1:34.5	and 57% of these affluent millennials love to purchase luxury and designer brands. So, hey,
1:41.6	you marketers and retailers out there, you'd better reel them in now because
1:45.1	they're going to be spending for a long time to come. I have an amazing panel right now. We have
1:50.0	five out of the six on the line. One's calling in. We hope for the Dominican Republic. We'll wait
	...

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