DIGITAL
Facebook May Have A Bigger Link To Luxury Than You Think
This is the featured image caption
Credit: This is the featured image credit
A newly released study from Ipsos Mori Research and Facebook indicates the ever-growing influence of social media on luxury shopping in the digital world. Facebook may not be the first…
Over the last decade, collaborations between luxury brands and contemporary artists have gone beyond mere artistic partnerships towards a new kind of luxury branding.
PARIS – Art and fashion have always developed side by side, for fashion, like art, often gives visual expression to the cultural zeitgeist. During the 1920s, Salvador Dalí created dresses for Coco Chanel and Elsa Schiapparelli. In the 1930s, Ferragamo’s shoes commissioned designs for advertisements from Futurist painter Lucio Venna, while Gianni Versace commissioned works from artists such as Alighiero Boetti and Roy Lichtenstein for the launch of his collections. Yves Saint Laurent’s vast art collection, recently auctioned at Christie’s in Paris, testified to his great love of art and revealed the influence of a variety of artists on his own designs.
In the 1980s, relationships between luxury brands and artists were advanced when Alain Dominique Perrin created the Fondation Cartier. In the Fondation Cartier pour l’Art Contemporain, a book marking the foundation’s 20th anniversary, Perrin says he makes “a connection between all the different sorts of arts, and luxury goods are a kind of art. Luxury goods are handicrafts of art, applied art.”
The Fondation Cartier pour l’Art Contemparain building in Paris
A newly released study from Ipsos Mori Research and Facebook indicates the ever-growing influence of social media on luxury shopping in the digital world.
Facebook may not be the first outlet that comes to mind when you think of purchasing a $5,000 Chanel bag or a $30,000 Patek Philippe, but the global powerhouse of social media and social networking may have more to do with luxury product sales and influence than one might assume.
A newly released study from Ipsos Mori Research and Facebook, "Luxury in the Modern Age," takes a detailed look at media consumption, shopping behavior and the role of Facebook platforms in relation to the luxury shopping experience.
Key Insights
Of the more than 4,500 luxury consumers surveryed across France, Italy, the United Kingdom, the United States, Hong Kong and Japan — findings suggest that 93 percent, or nearly all luxury consumers, use social media on a regular basis.
In regards to Facebook specifically, with the exception of Japan, 9 out of 10 consumers use Facebook products. When looking specifically at high spenders ($10,000+), 88 percent of luxury shoppers use Facebook products every day.
While the majority of luxury purchases still remain in the physical sphere, nearly 1 in 3 luxury products are purchased online globally. And interestingly enough, the highest spenders are actually more likely to shop online compared to other consumers.
While in-store purchases are still pivotal to luxury sales, research found that 80 percent of all luxury sales are digitally-influenced, with social media claiming the #1 touchpoint ranking for luxury purchases.
Globally, luxury purchases are directly linked with Facebook product placement — with a specific emphasis on younger generations and high spenders.
Reputation is Key
When looking at the customer experience of decision-making, the study found that customer reviews are the most crucial factor during social media research, followed by expert critic reviews and influencer or celebrity reviews.
It's no suprise that showing off a luxury item draws more traction than your everyday item, with luxury shoppers being three times more likely to share or post fashion-related content than non-luxury shoppers.
More Than A Social Network
Long gone are the days of Facebook solely being used to see updates from loved ones or "like" your friend's latest profile photo, Facebook is now seen globally as a source of information for content luxury consumers and beyond.
Customers not only regard Facebook and Instagram as spaces to find information, they also see it as a medium to interact with influencers and celebrities. Nearly 45 percent of luxury shoppers agree that Instagram enables interaction, and 45 percent use the platforms to keep up with the latest trends and products.
While Facebook and Instagram both add valuable benefits for luxury brands, research indicates consumers use Facebook to find relevant information and connect with brands and businesses, while Instagram serves as an entertainment and trend platform.
The latest research highlights the importance of building meaningful relationships with consumers through these platforms while tailoring marketing content to suit each specific audience.
Cover image credit: Pexels.
Writer at Luxury Society
Before joining the editorial team at Luxury Society, Meaghan was based out of New York City writing for CBS New York and NBC Universal. A Washington-D.C. native, Meaghan also wrote for Washington Life Magazine while studying journalism at university. After moving to Switzerland in 2016, she went on to contribute to Metropolitan Magazine and CBS affiliates before joining the LS team.
