Co branding driven by millennials and generation z, the future of the luxury fashion market

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CO-BRANDING DRIVEN BY MILLENNIALS AND GENERATION
Z, THE FUTURE OF THE LUXURY FASHION MARKET
2017

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CHAPTER-2: LITERATURE REVIEW 3
2.1: AN OVERVIEW ON CONSUMER BEHAVIOUR 3
2.1.1: CONSUMER BEHAVIOUR THEORIES 5
2.1.2: CONSUMER GROUPS 6
2.2: LUXURY FASHION MARKET 7
2.2.1: LUXURY FASHION MARKET BEFORE 7
2.2.2: PRESENT LUXURY FASHION MARKET 8
2.2.3: SHIFT IN LUXURYCONSUMER BEHAVIOUR BECAUSE OF MILLENNIALS AND GENERATION Z 8
2.2.4: FUTURE OF LUXURYFASHION MARKET IN REGARDS TO MILLENNIALS AND GENERATION Z 9
2.3: CO-BRANDING 9
2.3.1: EVOLUTION OF CO-BRANDING 9
2.3.2: CO-BRANDINGIN LUXURYFASHION MARKET 10
2.3.3: ATTITUDE OF MILLENNIALS AND GENERATION Z TOWARDS CO-BRANDING 11
2.3.4: MOTIVATION FOR ADOPTINGCO-BRANDING 11
2.3.5: REASONS BEHIND LUXURY BRANDS CO-BRANDING AND INFLUENCE ON PURCHASE
INTENTION 13
2.4: FUTURE OF THE LUXURY FASHION MARKET 13
2.4.1: EMERGING ISSUES IN THE LUXURY FASHION MARKET 13
2.4.2: FUTURE TRENDS IN THE INDUSTRY 14
2.5: SUMMARY 14
REFERENCES 15

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CHAPTER-2: LITERATURE REVIEW
2.1: AN OVERVIEW ON CONSUMER BEHAVIOUR
Consumer behaviour is defined as the study of individuals groups, organisations, and
activities associated with the purchase, use, and disposal of goods and services (Kotler and
Armstrong, 2014). It also includes analysis of the emotional, mental, and behavioural responses
of consumers preceding or following these activities (Belch and Belch, 2012). The notion of
consumer behaviour emerged in the early 1940s as a sub-discipline in the marketing area. Its
roots are also in social science that blends well with sociology, ethnography, marketing,
economics, behavioural economics, and psychology (Blackwell, 2006).
Fill (2013) defined consumer behaviour as the behaviour displayed by customers in searching,
purchasing, or evaluating a good or service. Kardes et al (2011) further stated that consumer
behaviour can be termed as actions, reactions, and wide arrays of consequences taking place as
consumers go through a decision-making process of buying goods and services. The importance
of consumer behaviour is based on examining the role and influence of emotions, attitude, and
preferences affecting the buying behaviour of consumers (Lindquist and Sergy, 2009).
Additionally, consumers’ attributes like personality, lifestyle, loyalty, brand advocacy,
demographics, and willingness to refer a product or services are often studied while
understanding the notion of consumer behaviour. Mishra (2015) pointed that consumer research
is mainly located at the nexus of theory and pragmatic belief and also at the intersection of wide
arrays of research traditions. Psychology and economics are two of the primary source of
disciplines playing an important role in understanding the dynamics of consumer behaviour
along with management science and quantitative modelling from statistics (Sirgy et al, 2017).

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Tadajewski (2009) supported this argument by adding that consumer behaviour is based on
the ideologies and beliefs of consumers and the behaviour is driven by psychological and
economic aspects. It is further believed that consumer behaviour is the use of behavioural
principles gained experimentally to analyse and interpret human economic consumption. It also
stands academically at the intersection of the marketing science and economic psychology. Tay
and Diener (2011) further explained that consumer behaviour studies the behaviour of marketers
and consumers especially their interaction.
Behavioural principles are central to its theoretical and empirical implication, but the quest to
interpret wide arrays of consumer behaviours in the form of brand choice, buying, and
consumption raises a number of methodological and philosophical issues that are beyond the
academic discipline being refereed as behavioural analysis (Kardes et al, 2011). Consumer
behaviour is hard to predict as behavioural analysis is driven by a number of behavioural
attributes that are further affected by the internal and external factors (Blackwell, 2006).
Furthermore, marketing science is a vast field that influences the cognitive behaviour of
consumers affecting the overall buying behaviour. Fill (2013) apart from the elements of
behavioural and marketing science; consumer behaviour is driven by perception, prior
experience, culture, subculture (age, geographic, religion, race, and ethnicity), reference groups,
and social class. All these factors affect consumer behaviour in different environments.
Sirgy et al (2017) further mentioned that consumer behaviour is an interdisciplinary approach
based on theories and concepts related to people. It is developed and formulated by philosophers,
behavioural scientists, and researchers belonging to the field economics, sociology, psychology,
and social psychology. Critical analysis of consumer behaviour theories is an essential and
crucial step in understanding the significance of consumer behaviour.

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2.1.1: ConsumerBehaviourTheories
Theory of Reasoned Action- There are a number of theories related to consumer behaviour.
However, this section discusses four theories; theory of reasoned action, Engel, Kollet and
Backwell (EKB) Model, Motivation Need Theory, and Hawkins Stern Impulse Buying. The
theory of reasoned action is based on the analysis of the pre-existing attitudes and beliefs in the
decision-making process. The centre of the theory posits that consumer behaviour is based on the
intention of receiving a particular outcome based on acting in their best interest (Colman, 2015).
This theory also suggests that consumers take specific action when an equally specific result is
expected.
EKB Model- Another theory is the EKB Model that expanded the theory of reasoned action
based on five-steps processes used by customers to make a buying decision. The first step is the
input in the form of information garnered from various sources like newspapers, television,
people, and references. This is followed by prices the information where consumers compare the
input to past experiences and expectations (Lindquist and Sergy, 2015). The decision making
phase is reached after a great deal of thinking based on the rationale insight. Consumers are often
affected by the external influences. Under this model, marketers have two phases where inputs
become most valuable. This also means that marketers need to offer interesting and relevant
information to customers in order to compel them to consider the product or service for purchase.
In this regard, marketing becomes quite important and critical (Fill, 2013).
Maslow Hierarchy of Needs- The hierarchy of needs being put forward by Abraham Maslow
has been assumed as one of the most impressive psychological theories. Under this theory,
people act to fulfilling their needs based on five priorities. The needs in the order to importance
are; psychological (survival), safety, love, esteem, and self-actualisation (Tay and Diener, 2011).

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Cianci and Gambrel (2003) stated that marketers need to establish products on the hierarchy
of needs and consumers need to be motivated to prioritise their purchases. Marketers often create
a superficial need for consumers by highlighting a number of key attributes while marketing.
Hawkins Stern Impulse Buying- Majority of the consumer behaviour theories focus on
rational action, but Hawkins Stern believed that impulse behaviour drives the consumer
behaviour. He stated that rationale-purchasing decisions are often integrated with impulse buying
defining the behaviour of an average consumer (Hawkins, 1962). Impulse purchases are sudden
buying of products and services that are not planned or thought. Impulse buying offers a plethora
of options to marketers in terms of garnering the attention of consumers by generating impulse
decisions. Zhou and Gu (2015) supported this argument by adding that marketers were capturing
the impulsive thought often are often more successful than marketers finding it difficult to
understand the buying patterns of customers. All these theories are helpful in predicting how
consumer purchases a product or service along with guiding marketers on capitalising on
predictable consumer behaviour.
2.1.2: ConsumerGroups
A consumer group is a set of people belonging to different demographics and culture. There
are a number of consumer groups in the form of social, detached introvert, lifestyle junky, astute
alpha, Internet, and a dedicated and loyal group of customers. Another consumer group is
millennials (Generation-Y being born in the period (1981-1991) and Generation-Z (people born
in the mid-90s to the early 2000s). It is believed that these consumer groups are defining the
current luxury consumption whilst the influence of Generation Z would be much higher in
coming years as their parents and they would define the consumer behaviour in different
markets. The focus of the current analysis is mainly on millennials and generation Z.

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2.2: LUXURY FASHIONMARKET
Luxury and fashion share a great deal of positive relationship resulting into the rise of luxury
fashion market across the globe. However, it is important to understand these two notions to
understand the dynamics of the luxury fashion market.
2.2.1: LuxuryFashionMarketBefore
Luxury in the fashion market is defined as "quality" not the price because consumers are
willing to pay the price for the quality that is exclusive and rich. These consumers are not
affected by the price of luxury fashion goods. Sozzani (2011) stated that luxury is not easy to
define as it is a "richness symbol", nearly unique and special. Different people perceive it
differently. In the fashion market, luxury may be the quality of craftsmanship or expensive and
intricate work being opulent. Fury (2016) further added that luxury is also exclusiveness being
different from other luxury fashion products. Luxury fashion market evolved in France and Italy
way back in the early 1970s. Paris and Milan Fashion Week were regarded as one of the highly
famous and successful fashion events globally. In early years, Lanvin was luxury showcasing
purity and class while exuberating sophistication, class, and true craftsmanship creating a feeling
of being unique luxurious. Until the early 90s, luxury fashion existed only for elitist and women
from a certain age belonging to a certain social class afforded the luxury fashion products clothes
or accessories (Global Fashion Industry, 2009). However, the period after the 90s made luxury
fashion more accessible, and designers like Martin Margiela radicalised fashion with impressive
aesthetics. The designs after that eschewed the glamour, opulence, grandeur, and exclusivity of
the early 80s in an exemplary manner. In the early 90s, luxury fashion brands like Versace and
Chanel were big on bling and bold designs but what followed later was contemporary design
avoiding the element of wealth and bringing the timelessness and modern silhouette (Vestiaire,
2017).

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2.2.2: Present LuxuryFashionMarket
Global Fashion Industry (2009) survey pointed that the present luxury fashion market has
been quite large with countries like the UK and the US gaining great recognition apart from
countries like France and Italy. There are large numbers of luxury fashion events happening in
the US than any other country. Additionally, UAE, India, and South Africa are considered as
emerging luxury fashion market in the world. As per the research conducted by Deloitte (2017),
it was found that the essence of luxury is changing from an emphasis on the physical attributes to
increasing focus on experiential and how luxury creates feeling and experiences. This includes
having premium quality with increasing shift in the focus from standardisation to
personalisation. In addition, the present luxury market is driven by the elements of handmade,
premium craftsmanship, and products supporting the ecological sustainability.
2.2.3: Shiftin LuxuryConsumerBehaviourbecauseof Millennials andGenerationZ
Simoes and Gouveia (2008) pointed that consumer behaviour changes over a period of time
with the change in the belief and ideologies of consumers. Pew Research Center (2007) further
found that the luxury fashion market has been characterised by the lower growth and in order to
succeed in coming years, it is essential to focus on younger generations where the millennials
and Generation Z will represent the 40% the global luxury goods market by 2025. The
millennials and Generation Z wants their luxury fashion high on craftsmanship and strong
reputation (Deloitte, 2017). These consumers express their individuality through their fashion
values and statements. Taylor (2017) further added that Millennials and Generation Z are not just
an age group but state of mind that affects the behaviour of consumers across generations.
Millennials and Generation Z do not access luxury the way the previous generation did, as they
prefer in buying an experience rather than buying luxury making them different from the earlier
generations.

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2.2.4: Future ofLuxuryFashionMarketin regardsto MillennialsandGenerationZ
The advent of digital marketing and rise of social media has offered multiple platforms to
millennials and generation Z to express their ideas, beliefs, fashion style, and beliefs. The future
of luxury fashion market will be driven by offering experiences over things. However, Hoang
(2017) disagreed by adding that goods cannot be replaced by experiences and are often feed into
a person's overall identity critically. These consumers are not driven by broadly accepted social
symbols in order to fit into the crowd rather they are looking to express their individuality.
Taylor (2017) further added that millennials and generation Z are raised on e-commerce
suggesting the fact that their beliefs and perceptions on luxury fashion will largely vary from the
previous generations. They are looking to have better deals and luxury experiences but unwilling
to pay the required price. They believe in stalking fashion products for months and later taking a
decision based on some lucrative deal or option.
2.3: CO-BRANDING
Bluemelhuber et al (2007) defined co-branding as a marketing arrangement that is based on
the partnership of two companies creating marketing synergy. Co-branding can be further
defined as a strategy of associating a single product or service with more than one brand name.
Chernatony (2010) further added that co-branding is a strategic marketing partnership between
two brands where the success of one brand brings the success to its partner brand.
2.3.1: EvolutionofCo-Branding
Davies and Dunn (2002) mentioned that in order to keep up with the evolutions of branding in
the global marketplace, the brands required to keep pace with their target groups. This raised
needs to retain the existing values attached to the meaning of the brand, and the phenomenon of
brand management was employed by a number of companies in the form of co-branding or brand
alliances in different industries.

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The concept of co-branding has emerged quite recently, and the knowledge within the field is
quite limited. However, as the world is becoming highly globalised, the notion of co-branding
has emerged as an impressive marketing strategy aimed at facilitating the strategic alliances to
create a win-win situation.
2.3.2: Co-brandinginLuxuryFashionMarket
Hoang (2017) stated that the luxury fashion market is facing a number of challenges. One of
the key challenges is the rise of mass brands growing in reach along with competing with luxury
brands in the global market. Luxury fashion brands are co-branding with mass retailers in order
to attract new customers. Walt (2010) further added that co-branding in regards to luxury fashion
helps consumers to become more knowledgeable and familiar with luxury brands. However, Lab
Brand (2011) contradicted by adding that co-branding could damage the appeal and importance
of luxury fashion brand. One of the highly successful fashion brands is H&M that has
collaborated with a number of luxury brands like Versace, Karl Lagerfeld, Jimmy Choo, Lanvin,
and Viktor and Rolf. Majority of the c0-branding efforts have yielded a great deal of benefits to
the brand as the sales increased dramatically afterwards. Co-branding in luxury fashion market
might affect the brand image and benefits. The co-branding of Karl Lagerfeld and H&M was an
instance where the former received limited exposure because of limiting the co-branding. On the
other hand, Vera Wang has been collaborating with both Zales and Kohl’s making Vera Wang
brand all the more accessible to the masses. Thus, the phenomenon of co-branding in the luxury
fashion market has been a strategic alliance that helped brands building new image and
reputation along with attracting new sets of customers. The effect of co-branding might be
positive or negative based on the nature of strategic partnership being shared by the brands.

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2.3.3: Attitude of Millennials andGenerationZTowardsCo-Branding
The attitude and behaviour of millennial and generation Z are changing the dynamics of the
luxury fashion market. This generation has been showing a different kind of attitude, experience,
and transparency because of the influence of the digital technologies and social media. Their
attitude is very much based on experiences and brands need to make experiences immersive
(Hoang, 2017). They want to connect with the luxury fashion in a way that showcases or
exhibits their personality. However, there is a difference between the millennials and generation
Z as the former are already settled and earning whilst the eldest Z-ers are now around 22 years
and entering the workforce. The younger ones are already influencing billions of pounds of
annual spend in the UK through their parents. The attitude of millennial towards co-branding is
traditional yet modern, but the attitude of the generation Z is mainly driven by the modernity of
today's time with an increased focus on using technology for facilitating all thee needs (Taylor,
2017).
2.3.4: MotivationforadoptingCo-Branding
Walt (2010) further added that Z-ers are more likely to use a balanced approach online and
offline channels while making their luxury choices. These set of consumers care for the brand
value along with availing them through different channels at an economical price. Their attitude
towards cobranding can be analysed by assessing their views on individuality and expectations.
Generation Z is more likely to search for individuality in co-branding compared to the
millennials and their expectations with co-branding are assumed to be high. Hoang (2017)
further added that the motivation for adopting co-branding for millennials and generation Z is to
seek value from the partnership of two brands. There is no doubt that the youngest generation is
more likely to showcase the brand value and appeal on social media along with relating their
individuality with the same. This can be assumed as a key motivation for adopting co-branding.

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2.3.4.1:PsychologicalInfluence
Prensky (2001) stated that brands with the higher price and expensive value are often
successful in creating a psychological impact on consumers. Millennials used such brands to
highlight their personal wealth and individuality that was beyond the reach of the masses. The
same psychology works for the generation Z with the only difference of being more aware of the
brand value, impact, and usage in the society. There is no doubt that co-branded luxury fashion
products enhance the accessibility of consumers along with making them feel proud of owning
and showcasing the brand value.
2.3.4.2:PersonalInfluence
Davies and Dunn (2002) stated that co-branded luxury products have a certain degree of
individuality and millennials and generation Z believed in highlighting that individuality. The
personal influence came from personal belief and perspective that was based on getting
connected with the brand at the personal level. This also offered a great deal of personal
satisfaction and motivation to look unique and different. However, Fury (2016) pointed that
personal belief is hard to generalise in the case of millennials and generation Z requiring in-depth
analysis of their views and opinions on the usage of co-branded products.
2.3.4.3:SocialInfluence
Simoes and Gouveia (2007) stated that peer pressure has been significantly present during the
era of millennials and it increased during the period of generation Z. This means that the pressure
of being unique and different along with showcasing the same through social media became the
new social norm. A higher degree of awareness gained through social media increased the social
pressure to get attracted towards luxury brand fashion products, and co-brand products made this
easy by making them all the more accessible.

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2.3.5: ReasonsBehindLuxuryBrandsCo-BrandingandInfluenceonPurchaseIntention
Bluemelhuber et al (2007) pointed that luxury brands emerge as co-brands to share similar
traits, values, and principles along with being successful in different markets. Dicken (2007)
further added that co-branding helps in attracting large sets of customers across the globe.
Additionally, the brand value and reputation of another partner brand can be used to avail wide
arrays of benefits. Erdem et al (2006) added that co-branding offers an opportunity to embrace
two brands at the cost of one along with seeking desired benefits. However, there can be reasons
based on personal beliefs, ideologies, and preferences affecting the purchase intention of
consumers. These need to be analysed critically as there is a dearth of information on how luxury
co-branding influence the purchase intention of millennials and generation Z.
2.4: FUTURE OF THE LUXURY FASHION MARKET
The future of the luxury fashion market belongs to the millennials and generation Z till 2025.
This also means that these two consumer groups will be deciding the fate of wide arrays of
luxury fashion products.
2.4.1: EmergingIssuesinthe LuxuryFashionMarket
D’ Arpizio and Levato (2017) found that the luxury fashion market is witnessing a sharp
decline because of the rise of online stores and changing fashion trends. The preference of
millennials and generation Z changes too fast leaving luxury fashion companies to experiment
with new designs. Additionally, these consumers are good in bargaining along with demanding
freshness and uniqueness for the price being paid. These can be assumed as vital issues, and
companies often try to deal with such issues by introducing co-branded products. Furthermore,
increasing globalisation did not help in stabilising the price of luxury fashion products, as the
dollar-adjusted prices are usually high in different countries.

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2.4.2: Future Trendsinthe Industry
Deloitte (2017) found that single brand products require a high degree of uniqueness and
individuality in order to be termed as a “luxury” product. On the other hand, co-branding helps in
creating a valued partnership that offers a great deal of benefits to the masses rather than catering
to the needs of few customers. The future trends in the luxury fashion market in regards to co-
branding will witness a surge as companies target to remain unique, different, and accessible
from millennials and generation Z point of view. An individual brand requires the higher degree
of craftsmanship and everlasting legacy to emerge as a winner and preferred brand for the
millennials and generation Z (Sanna, 2017). This is mainly because of the fact that the younger
generation will decide the future of the luxury fashion market and they are not only different
from the millennials but do not hesitate to explore their individuality and uniqueness using
different channels and means (Taylor, 2017).
2.5: SUMMARY
The chapter presented an overview of the key concepts like consumer behaviour, co-branding,
millennials, generation Z, and influence of co-branding on millennials and generation Z. It was
found that the youngest of the generation (generation Z) would decide the future of the luxury
fashion market. This group is different from millennials as they have access to wide arrays of
information and are more likely to showcase the higher degree of individuality in their thinking,
behaviour, and brand consumption.

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