With the rise of counterfeit merchandise in luxury markets, brands face the challenge of redefining value for Gen Z consumers. Meghan Labot, Chief Growth Officer of FutureBrand North America, recently shared her insights in an AdWeek article, emphasizing the importance of experience over possession.
Meghan suggests that luxury brands should reconsider their approach, stating, "It’s almost like you need to reframe your purpose, with this audience in mind.” The goal? To create a purchasing experience that resonates with the values and expectations of younger shoppers. This includes not just the end product, but the journey that leads there: the prestige of in-store service, the allure of unboxing, and even the keepsake of a stylish shopping bag.
In her view, it's the memories and emotions attached to the experience that matter most for Gen Z. The key to combating counterfeits is not just in the authenticity of products, but in the authentic experiences that can't be replicated.
As Meghan advises, "From a brand perspective, you’ve got to think even more about the experience that you create and how that is meaningful to this audience." You can read more here.