Social networks as the first vectors of influence

Social media, the first source of influence on decisions to buy luxury products, in front of magazines, television or brand sites.

Indeed, today, 80% of luxury consumers say they interact with brands, influencers and their peers via social networks.

One reason for this is that luxury now focuses on the stories and experiences associated with a brand. Influencers also nowadays determine new trends and present must-have items as fashion magazines did and continue to do, for example.

It is revealed that more than a third of the purchases made by luxury consumers involve at least one Facebook product. This rises to 65% for Millennials and Generation Z, and 64% for luxury high spenders.

With 60% of luxury shoppers reading reviews and recommendations on Facebook and Instagram, Facebook platforms are proving to be real sources of information for luxury consumers and communication channels (Stories, IG Shopping, IGTV...) - a source of business - for brands in this same industry.

The strong presence of communities on Facebook platforms to connect around common interests and passions extends the "shopping experience" in luxury.

Indeed, 29% of luxury shoppers have already discussed their luxury purchases on one of the Facebook platforms, and this rises to 47% for Millennials and High spenders.

Luxury consumers are also more likely to post on social networks.

The study also reveals that 38% of those who spend the most on luxury goods are more likely to consume online.

As proof, luxury fashion buyers in Europe were three times more likely to post or share fashion-related content on social media.

Digital via specific typologies (Millennials and High spenders) is also revolutionising the luxury market with an impact on both the creative and purchasing process.

- The LEENI team