A digital opportunity for luxury brands

Isaac Mostovicz writes that luxury brands must increasingly consider the diverse media habits of their target market...

A new report from the Luxury Institute, a global body looking to provide a voice for the high net-worth consumer, found that wealthy individuals 35 years of age and younger are avidly consuming a wide range of new media on smartphones and tablet computers, and quickly losing the television, radio and print newspaper consumption habits of their parents.

With more Generation Y consumers watching online video (78%) than those who regularly read a printed magazine (76%) or newspaper (68%), the case for luxury brands to extend their online presence is continuing to be made.

“This is clearly a tipping point, with the rising generation of wealthy consumers consuming media in vastly different ways than anyone did just a decade ago,” Milton Pedraza, CEO, the Luxury Institute, said.

Furthermore, with 70% of respondents in possession of a smartphone, and 23% an Apple iPad, it’s clear that luxury brands need to consider their mobile marketing strategy as carefully as their broader online and social.

As I have previously discussed, online marketing and social media are certainly tools that luxury brands are beginning to explore, but this report further corroborates why engaging with consumers through digital channels can be particularly fruitful.

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