“Luxury brands are exploring a range of untapped opportunities, from diversification of product portfolios to raising awareness among the newly wealthy, a group found to be less familiar with high-end brands than expected.” Atlanta, WARC
It is interesting to discover that only 50%-60% of the affluent are familiar with luxury brands. Since majority of millionaires are self-made, as a result they have little knowledge about luxury products. This leads me wondering why aren’t affluent people educated about luxury brands, is Louis Vuitton marketing department not doing their job? Luxury companies need to understand which social media platform their customers are using. For example, how can LV join customer’s conversation. Undoubtedly, LV needs to learn about where their customers are and how they are conversing on these platforms. In order to respond to customers on each platform, LV needs to be part of their customer’s conversations. Luxury brands opens an opportunity to initiate conversations about the features, appeals, and value of the products. Doing so, will increase brand awareness, and turn potential customers into existing long-term customers.
For detail analysis of luxury brand research, check out American Affluence Research Center polled on Americans.
cheers
Crystal Liang 🙂