Tania Yuki, Founder & CEO, Shareablee Inc.
Naomi Kent, VP Client Success, Shareablee Inc.
The State of Social Luxury 2018
The New Luxury Consumer: What Luxury Means in a World of Individualism, Advocacy and Interaction
What does luxury mean in 2018, and how have luxury brands been re-imagined in society today, driven largely by consumer opinions and advocacy on social media? Does lasting brand heritage and residual prestige still matter, or are affluent consumers focused more on experiential factors, richer experiences and relationships?
It has never been a better time for the luxury consumer – broader and more diverse choice both locally and globally, more competitive pricing, convenient and free delivery. Purchase decisions depend more and more on the unique values of consumers (authenticity, natural ingredients, brands with purpose, small-batch processing, price sensitivity), making word of mouth and recommendations a critical currency when it comes to consumer buying behavior.
Knowing what to focus on, and what your consumer cares about is critical for the continued success of luxury brands in the future, where a connected consumer is worth 52% more than one that is merely 'highly satisfied' (HBR 2015) – what drives advocacy, engagement, purchasing.
In this presentation, we examine the current state of luxury brands across social media, and how brands must adapt to cater to the newfound individualism of the millennial and self-determining consumer.
Categories of Luxury to be Examined include:
– Beverage and Food
– Retail and Leisure
– Electronics and Communication
– Publishing and Media