Digimind, the global leader in social listening and market intelligence, released a report at the end of 2018, stating “Branded content on Instagram consistently earned the most engagement across social media. 40% of luxury purchases are influenced by what consumers see online, and their interactions with a brand.”
93% of consumer engagement with luxury brands happens on Instagram.
Today’s luxury consumers are getting younger and younger and guess which platform Millennials prefer? Instagram.
In the “Future of Luxury: A Look into Tomorrow to Understand Today,” they stated “Generations Y and Z accounted for 47% of luxury consumers and 33% of luxury purchases in 2018. However, they contributed virtually all of the market’s growth, compared with 85% in 2017.”
How can your luxury brand compete?
- Focus on younger consumers
- Design a customer journey to better discover opportunities on how they want to be engaged with.
- Be a leader in digital media
- Tell your unique brand story