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Luxury auto brands shifting TV ad dollars to online video
Luxury auto brands are increasing their use of digital marketing, according to new research from Martini Media, aligning their brands where their audience is spending time.
Affluent consumers are increasingly connected via smartphone and tablets, and luxury brands are moving marketing efforts online as a consequence.
Men, in particular, are spending big online, according to a study by iProspect. The majority (91%) use a PC at least once a day while 77% have a smartphone and half own a tablet.
The study found that not only do affluent males spend 20% - 30% more per transaction than women; some are spending as much as $30,000 online annually. Not surprisingly, a luxury automaker appeared in affluent males' top three favorite brands for which they named Rolex first, followed by Louis Vuitton and BMW.
So, it's no surprise that luxury auto brands are also shifting gear and moving their presence online. Online video, an optimum channel through which to engage consumers for the auto market, is playing an increasing role in brand awareness and is set to continue in popularity.
According to research from Martini Media a whopping 94% more luxury auto brands used online video this year than last. In fact, almost two-thirds (65%) of agencies say auto brands are moving into digital much faster than other brands. Furthermore, 61% of auto brands will be shifting TV ad budgets to online video (infographic).
"As consumer confidence has increased we have seen that 'price' is no longer the key driver when purchasing a new vehicle, resulting in a 28% increase in shopping for luxury autos," said Nick Matarazzo, CEO Jumpstart Automotive Group. "The luxury auto marketers that anticipated this have not just increased their digital investments almost two fold over last year's spending, but they've also strategically aligned their brands where this luxury audience is spending time."
Luxury brands should not entirely abandon traditional marketing. The Ipsos MediaCT's 2012 Mendelsohn Affluent Survey found that Affluent and Super-Affluent consumers, despite their wealth of gadgets, still covet print publications. While surrounded by digital technology, the new survey, subtitled "The State of the Affluent Consumer," found only a small decline in Affluents' use of print since 2011 (-1.3%).
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