The rise of social media has revolutionised the way luxury brands market their products and services, allowing them to connect with affluent consumers in new ways. Social media for luxury brands was once seen as a risky and even distasteful but is now an essential component of their marketing strategies. Luxury brand’s marketing strategies today rely heavily on social media since it allows them to create an online community and engage with Very High Net Worth Individuals (VHNWI) and Ultra High Net Wealth Individuals (UHNWI).
A New Era Of Marketing For Luxury Brands
As the average age of UHNWI decreases, luxury consumers are becoming more digitally-savvy, and luxury brands need to adapt to this changing landscape. Millennials and Generation Z, who together contribute over 40% of luxury spending, are predicted to account for almost half of the total luxury goods sales by 2025, according to Bain & Company. Research shows that 80% of luxury purchases are now influenced by digital interactions, with consumers using social media to engage with brands, discover new products and services, and research purchases.
To stay relevant, companies need to understand how to effectively use their social media platforms to connect with HNW, VHNW and UHNWI in a way that not only aligns with their brand identity but is authentic too. This means creating social media content that speaks to the lifestyles of their audience, shares a story and creates a unique experience.
But, what’s the best way to do this?
One effective way to achieve this is by 1) working with a social media marketing agency that understands the luxury market and knows how to engage with your audience, and 2) Investing in a team of young social media specialists who understands the changing social media landscape – This is essential.
At ES, we pride ourselves on being a young, dynamic, and motivated team with a collective background in luxury brands. We stay up-to-date with the latest trends and news to support our clients with their social media endeavours, ensuring they don’t get left behind in the fast-paced world of digital marketing.
Learn more about how we can help your brand evolve socially, schedule a call today.