Targeting “Millennials”? Go after the YUMs!

HSBC bank named them. Luxury brands like Burberry, Coach, and Michael Kors want them. And, most of us haven’t heard of them!

But Young Urban Males (YUM) are rocking luxury markets around the world. They are well-dressed, well-groomed, and appreciate quality.

Yummies are marrying later which frees up a lot of disposable cash. Great cars can be leased for a few hundred dollars a month. So, Millennial and Gen X males can afford high quality goods, such as Tumi luggage, iPads, and a well-decorated apartment.

According to a recent article in Businessweek, the most attractive demographic for luxury companies isn’t middle-aged women with money to burn, it’s younger men who can shop the world over their smartphones.

Luxury brands can create a buzz by coming up with ways to grant access for hard-to-get experiences, like tickets to great sporting or music events. The appeal for Millennials and Xers is not about bragging rights, it’s more about being able to share something special they did with their friends.