The report polled 28-35 year-old professionals earning between £35K to £45K. It found that the generation facing its first recession is changing its attitude towards luxury - by spending small amounts with daily frequency on non-essential items like Starbucks coffee and MAC make-up.
‘Communicators should embrace the concept of ‘everyday enchantment' by adopting what we are calling a ‘moments' strategy,' said MS&L deputy CEO Kelly Walsh. ‘It's letting your brand take ownership of these occasions.'
In addition, the study found that luxury items are being used on an everyday basis, as ‘talismans', even if their owners are saving in other areas. ‘Communicating the link between the functional benefits of the product and the dominant emotional benefits is central to creating desirability,' said Walsh.
The report also advises luxury brand communicators to focus on storytelling - rather than the simple aspirational benefits of a product. ‘Smart communicators who can make their brand central to this story are, in effect, activating advocates on a brand's behalf,' explained Walsh.
The study was conducted in conjunction with Peter Lunt, Professor of Media and Communications at Brunel University.