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Report: Luxury brands continue looking online for buyers
Don't look at luxury brands to back off the online marketplace. In fact, a new forecast from Martini Media predicts luxury brands will continue looking online for ways to engage and convert shoppers.
One of the main instigators of the luxury brand push to online: more luxury consumers are looking online for entertainment, news and engagement.
"Overall, while the majority of those surveyed indicated that investment in digital is indeed growing, luxury brand marketers want much better ways to reach affluent consumers on the go," said Martini Media CEO, Skip Brand. "Those audiences have more dollars than time and expect an engagement experience that standard banner units do not deliver. And while they are willing to pay for it, if they cannot measure the return across their investments, it is an issue."
The report shows:
• Half of luxury brands plan to spend at least 10% more in online ad efforts
• Rich Media, Social, Mobile and Video sectors are seen as the most beneficial for brands
• Most luxury brands (80%) believe digital efforts are more effective at building brand favorability
• 60% believe digital builds higher brand awareness
• More TV Ad Dollars will be switched to Online Ad Dollars
David L. Smith, CEO and founder of Mediasmith said, "We are always happy to see research like this that is on the mark. It helps validate the trends we've been preaching to our clients relative to the rapid growth of Web video. The data points regarding the differences between agencies and advertisers in perception of media change is important for our client communications and education. It is encouraging to see that luxury advertisers are rapidly growing in their confidence in digital's ability to meet their overall communications goals. As we continue to leverage digital in strategic media plans, we are thrilled that luxury brands see the value in investing in these emerging channels."
More than 300 luxury brands were polled to come to these results.
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- Brands: Why revenue based loyalty programs are a better draw
- Retail Roundup: Coupons key for all shoppers
- Study: In-game ads pushing engagement
- Expert: Why branded content appeals to consumers
- Reports: M:Comm up, privacy concerns abound
- Expert: What Pokemon Go phenomena means for businesses
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