A recent study on the purchasing habits of high net worth individuals showed that “comments or information gathered from social media” had significant impact on:
- Websites they visited (59%)
- Retail stores they shopped in (56%)
- Designer brands they bought (57%)
Basically what that means is more than half of the affluent individuals surveyed are seeing social media as a trusted source of information that directly influences both online and offline habits.
As we’ve mentioned several times over the last few months, if you are a luxury brand, you need to be embracing social media as part of your overall marketing mix. Think about it this way: Remember when you avoided setting up a website for your company because you didn’t think it was necessary? Now look at how important your website is to the success of your business today. The same is true for social media. The longer you wait, the more market share you risk losing to your competitors who are there.