alike, particularly NFT collectors. These kinds of offerings also let brands benefit from new revenue streams, growing as a result of their younger audiences. Taking responsibility for tech Younger generations value the authenticity and integrity of brands, often making purchasing decisions for this reason. Sustainability is one of the most important elements for younger consumers; with climate change a major concern, conscientious consumers want to make sure that they are choosing brands that are as sustainable as possible. As such, luxury brands need to take all the necessary steps to ensure that younger audiences can see their authenticity. Transforming supply chains in a way which enables transparent oversight for consumers will be a huge priority for brands looking to appeal to younger generations – and recent technological developments hold the key. One technology that brands can harness to authenticate their sustainable and ethical sourcing practices is blockchain. Blockchain’s inherent transparency means that brands could then prove the source of materials across their supplier network, with auditors and ultimately with their customers. With applications such as track and trace, digital twins, or product passports, assets can be traced on the blockchain from source to shelf, proving sustainability, ethical sourcing practices, fair labour practices and more. Blockchain can also give customers details about sustainable sourcing. By giving customers access to a product’s history stored on the blockchain, they can be assured that the product they are purchasing, whether first-hand or at resale, meets their expectations for sustainability and ethical sourcing, giving brands a competitive advantage and appealing to younger customers. The application of technologies like blockchain will be key for brands implementing solutions that appeal to this younger and more conscientious audience. Although they present challenges, younger generations also present an opportunity for luxury brands to harness new and innovative technologies, not only to grow with this unfamiliar audience but also to present new rewards to their existing customers. New generations are coming into the luxury space all the time. With new technologies, luxury brands can keep them there.
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