Luxury Getting Increasingly Democratized Through Social Channels
Consumers today have a far more intimate relationship with brands than in the past, which is driving the rise of thoughtful brands and more engaging marketing.
It is also making brands that previously felt unattainable feel accessible to a larger and younger segment of consumers.
Social media drives much of this shift. Brands are communicating with consumers through a breadth of channels, which creates challenges and opportunities for luxury marketers.
This new breed of luxury is driving by digital, experiential offerings and deeper, more personal relationships with customers, according to digital marketing agency PMX in its recent Luxury Study. The study looks at the $289 billion luxury goods market with a focus on brands’ digital presence and the interconnectedness of each channel.
While the study didn’t deal with luxury travel as a distinct category, some of the trends in consumer behavior would no doubt be useful markers for these companies consider.
Louis Vuitton’s top two engaging Instagram posts in 2017 revolved around the hashtag #SpiritofTravel, and featured “new luggage for the 21st Century traveler,” the PMX study found.
Unsurprisingly the largest percentage of shoppers on luxury websites are Gen Xers (22.7 percent) and Millennials (22.4 percent).