How Social Media Has Influenced the Growth of Luxury Brands
By: Matthew Toro
Music artists, athletes, movie stars, internet personalities, and so many more celebs have always sported designer brands such as Gucci, Louis Vuitton, Chanel, and Hermes, but perhaps the designer trend is more popular now more than ever. The consumer world is taking notice through the power of platforms like Facebook, Twitter, Pinterest, and most importantly Instagram.
Social media platforms have now allowed regular consumers to have a constant influx of content to absorb from all of their favorite celebrities and wealthy personalities. In turn, people are constantly comparing themselves to these individuals on a daily basis. They assume that since people who they deem successful are wearing these high end designer brands, if they purchase these items it will also make them feel successful.
According to CNBC, as of 2017 the luxury fashion and accessories market is up over 42 percent. Gucci has lead this growth, with Louis Vuitton coming in at a close second. This immense growth can be majorly attributed to social media interactions with these brands. A leader in market research called Digimind came out with a statistic that a remarkable 93% of consumer interactions with luxury brands occur on Instagram. Also, upwards of 40% of luxury purchases are influenced by what people see on social platforms.
All of this free advertising through celebrities has caused luxury brands become the new cool trend amongst millennials and teens alike. These brands are more popular than ever before, and are continuing to trend upward. If you are interested in learning more, visit CNBC’s article by clicking here, and Digimind’s article by clicking here.