Here are some areas where brands might need to adjust their thinking: 1. Luxury isn’t just for old white men. Multicultural consumers will soon become the majority of luxury buyers, according to Iconoculture research. Brands need to make sure they’re targeting a more diverse audience. There are a few indications that some are beginning to think about this. In a departure from its previous strategy, classic luxury brand Tiffany & Co. featured actress Lupita Nyong’o in its Legendary Style campaign. 2. Young luxury shoppers are more socially driven. While every generation expects a high level of functionality and indulgence from luxury goods, Instagram-loving millennials demand that their fashion and jewelry choices also make them look cool. In their criteria for what defines a luxury product, millennials focus on qualities such as making a good impression and being considered a symbol of success. Get the full story at Gartner L2