Gary D. Herwitz, founder and managing partner of the New York-based management consulting firm CoMetrics Partners, LLC, specializes in strategic consulting services that help his clients grow their business. Gary Herwitz leverages his 30 years of consulting experience to identify new opportunities for business growth, such as the youth culture market and youth culture lifestyle brand.
Lifestyle branding, increasingly popular with the rise of social media, leverages consumers’ desire to purchase products that reflect or enhance their identity. Lifestyle brands attempt to embody group or cultural interests, says Sensient, a B2B fragrance and flavor supplier. Sensient says that lifestyle brands offer consumers both a means of self-expression and a reinforcement of personal identity.
Though lifestyle branding has been in use a number of years — Ralph Lauren is an early example – it has grown significantly to meet the needs of millennials, a generation born between 1980 and 2000 and commonly referred to as always connected, according to the online publication Search Engine Journal (SEJ). SEJ notes that millennials comprise a significant portion of U.S. consumers, and as of 2014, spent an estimated $600 billion and had about 21 percent of discretionary spending purchasing power.
SEJ says that although millennials, whose age range spans 20 years, are not a uniform group, they have one characteristic in common: their frequent use of technology. Millennials want to participate in a brand’s marketing, SEJ says, through online interactive experiences, such as creating their own content to share on YouTube and using social media to discuss issues tangential to product use.
SEJ says that millennials are a consumer force to be reckoned with, and suggests that businesses seeking to market to this demographic would be well served adopting strategies that, through online engagement, promote and support lifestyle brands.