How does the Gen Y luxury customer consume information? Would they buy a big-ticket item online? Are they being targeted through the right channels? We ask Lydia, partner of Sensaura Global all these questions and more.
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Where do you get your information on the latest watch and jewellery product launches and trends?
Lydia Lim Everywhere! I only do research if I’m looking to purchase something. If so, I will go through the reviews on the GIA website, magazines as well as Sotheby’s to look at pricing for estate jewellery. I would also speak to some of my jeweller friends to gain insights.
How do you consume luxury news and launches online?
Lim I consume luxury news through the Business Of Fashion website and events by Singapore Tatler or other magazines. Normally for jewellery, the marketing director from brands will send me a Whatsapp about their new collections and items that I might like. Much like personal shoppers or stylists, they understand my personality.
(Related: Chadwyn And Tara Tann: How Social Media Changed The Luxury Conversation)
Would you buy a luxury item if you have seen it heavily marketed on blogs, Instagram and Facebook?
Lim No. It can’t be truly luxurious if it is so easily accessible in both price and availability. The intrinsic value in my mind would plummet when a brand does that.
Do you buy luxury jewellery or watches online?
Lim I buy a lot of items online but jewellery and watches is not one of them. The customer experience is very important to me. I will have questions that need to be answered, and see how it looks against my skin colour. I want to see the goods in person before making a decision.
(Related: Lam Tze Tze: How Social Media Changed The Luxury Conversation)
Do you think the digital landscape has altered the purchasing experience?
Lim Yes and no. The digital landscape tends to create an appetite but the actual purchasing experience is almost close to zero. It’s made for convenience so everything is fast and within the click of a mouse, but there is no experience as such.
What are the luxury watch and jewellery brands that you think are doing a great job targeting the millennial generation?
Lim Cartier has done a good job with its Love collection as the bangles are great for stacking, a trend that millennials like Kylie Jenner are following. Tiffany & Co, too, is doing a good job in marketing yellow diamonds and silver jewellery for millennials.
(Related: Diane and Nycky Lim: How Social Media Changed the Luxury Conversation)
Read the full story in the August issue of Jewels & Time, out on newsstands now.