What does the Queen’s birthday and social media have in common? A buzz of conversation surrounding luxury brands and social media has been the hottest topic this long weekend. Just as brands like Lacoste and Mauboussin have realised, the platforms of social media and the online world are powerful marketing tools, particularly in boosting sales.
MO Luxury’s recent online research with high net worth and aspirational consumers has brought attention to the fact that luxury brands need to embrace their consumer feedback, through efficient product information. Whilst some consumers choose to research online before purchasing in-store, a growing number are opting to shop via e-commerce platforms, meaning luxury brands would be ignorant to overlook their online communities.
Whilst there is obvious struggle in balancing the unique, often inaccessible world of ‘luxury’ with that of the widely available arena of social media, brands such as Boucheron and Faberge have fully embraced the possibilities of selling online, and have seen
great results.Whilst labels are aware of the dangers of counterfeiting and the concern of the degradation of the luxury in-store experience through involvement with e-commerce, it’s quite obvious that this is an area that needs to be addressed efficiently and effectively as the popularity of social media grows.
The challenge now for luxury brands is to find the balance between generating an online buzz and increased awareness of their brand through social media, without defiling their status in the luxury market.
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The Chinese luxury consumer just keeps increasing, with a confirmation now of 79 Chinese billionaires. Forbes reported “China's rich are fuelling the country's 15% annual growth in luxury sales, which have reached $9 billion a year, making the country the world's second largest market for top-end products.”
