For some time, the mass market appeal of social media seemed to be in contradiction to the privacy and exclusivity of the luxury industry, creating understandable caution among luxury brands. But with the influx of digital media platforms and the rise of social influencers, luxury brands have had to embrace (and brave) the new world of social influence.
The New face of Luxury, a report produced in association with Fashion and Beauty Monitor, offers valuable insight on how the luxury industry can collaborate successfully with influencers.
The report outlines interesting trends to watch including rising budgets, increasing video content, commitment to resources, the rise of micro-influencers and experimental formats.
Key findings
- 73% of luxury brands are active within influencer marketing yet only half of luxury respondents admit that their influencer marketing programme is only a year or less than a year old.
- 65% of respondents say that their approach to influencer marketing is effective and content collaborations are proving effective for 73% of luxury brands.
- 73% say that maintaining exclusivity and aspiration on social media is their biggest challenge.
- Budget is proving to be the biggest factor holding luxury brands back from running an effective influencer marketing strategy.
Methodology
An online survey was fielded in February and March 2017 and a highly targeted base of 322 professionals working across the fashion, beauty and luxury sectors took part. In addition, telephone interviews were carried out in March and April 2017 among senior-level marketers and global luxury fashion and beauty influencers and brands.