Millennials are redefining luxury in the search for more originality

It’s a common problem among the 1 per cent: they buy the latest Manolo Blahnik shoe or Chanel bag, and chances are that someone in their circle of friends will have the identical thing.

After all, it's not just the one per cent buying brand name labels any more. As globalisation of the designer brand expands, and wealth continues being created in new markets, it’s a rare person who doesn’t have access to any prestige brand they can afford.

As a result, the smartest and most avant-garde of today's luxury consumer is realising that just because they have the means to buy a certain brand, doesn’t mean they should. Instead, they are putting their money in a far more elusive thing: originality.

Much of the shift in the way people are spending comes in the prized millennial sector, the 16 to 30-year old that is a driving force in technology and fashion, setting the trend for what every other demographic wants.

This group discovers the hot new thing via social media, learns all they can about it with a touch on a tablet, and purchases with a swipe of a finger. In many ways, the harder to find, the better - and that much more exciting than walking into a store in The Landmark or on Rodeo Drive. It’s niche fashion - at a hefty price point - delivered at lightning speed.

“Mega brands have long relied on big budget advertising, fashion shows and relationships with buyers to reach consumers,” says Washington, DC-based fashion stylist Grant Harris. “While this model isn't quite extinct, it is stale."

As a result, the brands that are defining themselves as “emerging luxe” are swooping to capture the dollars of the bored luxury consumer who is tired of seeing the same product everywhere.

“Why would you spend five thousand dollars on the same bag that everyone else has?” says Rathna Sharad, CEO and founder of niche luxe etailer runway2street.com. The site has launched across 100 international markets, bringing to a worldwide audience a finely-curated offering of high-end fashion, accessories and beauty products from ateliers in the United States and Europe, and countries not generally associated with producing luxury products, such as Mexico and Greece.

“People buy niche brands so they can go to a party and won't find everybody wearing the same thing,” she says.  Examples include US designer Anne Sylvain’s genuine python shopper bag for US$2,150, a US$1,746 lamb leather and silk hoodie from Istanbul-based designer Burce Bekrek and Hong Kong-based Runa Jewelry’s elaborate floral encrusted diamond bracelet for US$15,131.  

“We make it really easy to get a product anywhere in the world within three to five days,” Sharad says. “Our bar is pretty high. We vet the brand first. We make it simple for a customer anywhere to receive a product from anywhere else. We take care of the shipping and customs and duties and all that paperwork which can sometimes be complex. Our customer is someone who wants exclusivity rather than the brand name.”