Breakfast at Tiffany’s is no longer a movie fairytale, it has become a reality.
Tiffany & Co. the luxury jeweler, in an attempt to stimulate sales by targeting/attracting Millennials, opened the Blue Box Café at its flagship store in New York City. The fourth floor was wholly renovated at the end of 2017, incorporating the company’s classic robin-egg blue motif in the café, plus a luxury home and accessories section, as well as a baby boutique. Breakfast starts at $29. Their menu also includes a prix fixe lunch with seasonal items and “Tiffany Tea” complete with Bellocq teas paired with a selection of finger sandwiches and bakery items.
The company’s objective was to create a modern luxury experience. “The space is experimental and experiential, a window into the new Tiffany,” according to Reed Krakoff, their CAO (Chief Artistic Officer). “Millennials are seeking experiences rather than “stuff.” I comprehend Mr. Krakoff’s experiment given Millennials are constantly seeking “instagrammable” experiences due to their FOMO (fear of missing out) anxiety. However, I question whether Tiffany’s fourth floor experiment will succeed:
- How many Millennials even know who Audrey Hepburn was or have seen the movie “Breakfast at Tiffany’s” unless they hung out one night with their grandparents and watched the movie on TCM.
- Sales data indicates this demographic group likes to shop online, but they also tend to make most of their purchases offline according to the Summer 2017 report released by CouponFollow. The report indicated females are buying more fashion items, males more hard goods. CouponFollow also revealed that a majority of Millennials follow brands on at least one social media platform in order to get discounts. Two-thirds will switch brands if offered a discount of 30% or more. Therefore, once Millennials finish their Tiffany meals, will they actually wonder into the store and buy anything? Or will Tiffany’s have to begin discounting their luxury items (e.g., engagement rings)?
Do you think Millennials will be lured to experience Tiffany’s fairytale $29 breakfast?