The Importance Of Social Media To Luxury Brands?

Traditionally luxury goods are described as goods, which bring prestige apart from any functional utility (Grossman & Shapiro, 1988). Individuals that have a higher obtainable income or greater accumulated wealth than the average often buy Products that is more pleasant and more costly for the consumer. Luxury is about desirability, product excellence, exemplary service and mostly a brand promise. (luxury goods.BusinessDictionary.com). Social media and Engagement of customers is getting increasingly more attention in theory and by managers of luxury brands and luxury brands as well (Donaldson, 2011) (Phan, 2011). Because the luxury fashion Business is considered high value-added with guaranteed high-profit margins and secure regular customers, the lower

All the major players of the luxury goods industry have now adopted social media marketing and are looking for new ways to engage with their fans and customers to build up brand awareness. (Albane, Luxury Brands and Social Media Marketing - Dos and Don'ts., 2017, January 26). According to Kapferer and Bastien, “Luxury is in fashion, and the fashion is for luxury” (Kapferer & Bastien, 2009) If we need any convincing about the importance of social media to luxury brands, we should look at the advantages that come through deriving real value from social media. We know this from watching the growing influence of brands like Louis Vuitton, Chanel, and Cartier on LinkedIn. To make the best use of the social media opportunity: Publicist CEO Maurice Lévy closed the event with a timely quote: “Luxury is time” (Lamielle, 2016), the time that you have free to spend in any way you choose: working, playing, reading, resting. It was a valuable reminder of the importance of brand experience to the luxury consumer (Lamielle, 2016). People don’t choose luxury brands just for the product they get or the badge they get to show