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Back to news All about the relation between luxury and social media All about the relation between luxury and social media

All about the relation between luxury and social media

The luxury segment is increasingly central in the world of social media and, more generally, in the digital sector, including the virtual one, which includes more and more fashion brands as protagonists.

8/31/2022

The luxury market is increasingly central in the world of social media and, more generally, in the digital sector, including the virtual one, which sees more and more fashion brands as protagonists. But also the art market is now consolidated in the metaverse, thanks to NFTs and crypto art. Let’s analyze the growing trend of the luxury market in the virtual world and on social media.

TABLE OF CONTENTS:

The world of luxury on social media

Luxury and Social Media: growth - Santandrea Luxury Houses The increasingly central role of digital with respect to the luxury market is no longer a novelty. Just like the importance that the virtual world, or the metaverse, is playing in this sector. This is testified by both the growth of the luxury real estate market in the metaverse and the massive investments of the most famous fashion brands in the virtual world, culminating in the Metaverse Fashion Week. However, focusing on the aspect of communication and marketing, it is important to emphasize the role that social media plays today in the strategies of brands operating in the luxury market. Social media, in fact, are crucial for luxury brands to arouse emotions and interest in the public in a genuine and spontaneous way, less formal and elitist than the communication language traditionally used in the luxury segment. Today, the interaction between the brand and the user on social media has become central in the marketing strategies of luxury brands, as well as the creation of digital content in collaboration with celebrities and influencers, decisive for increasing the popularity of brands, especially in specific market segments, such as that of the youngest.

Thus, the luxury communicated through social media brings the user to the center, as a co-creator of content within a virtual community centered on a specific brand, where consumers are not only recipients of a message, but interact and give opinions that contribute to the commercial decisions of the brand itself. Luxury brands can thus amplify and enhance their communication, obtain a realistic view of the market, receive feedback for product development, strengthen the relationship with existing customers and increase their loyalty, as well as being able to access all data voluntarily provided by the users themselves. Confirming this trend relating to the approach of luxury brands to social media, there are some data referring to Twitter, where, already in 2020, 86% of users had shown interest in viewing more content from the brands of the sector, and where, in 2021, there were over 400 million views regarding Live Fashion events broadcast on the platform (about 250 million more than the previous year). Among the luxury brands that have broadcast live streaming on Twitter are Louis Vuitton, which boasts over 9,3 million followers, as well as Balenciaga, Prada, Hermès, already pioneers in the metaverse, as we write in our article on the growth of the business connected to fashion in the virtual world.

The growth of luxury in digital trends

Luxury and Social Media: growth of luxury digital trends - Santandrea Luxury Houses In our article about the Metaverse Fashion Week, we wrote that there are already many luxury brands that are present in the metaverse, including Gucci, Dolce & Gabbana, Balenciaga, Louis Vuitton and Moncler. These high fashion brands testify how the luxury market in the virtual world is already flourishing, also thanks to the many VIPs who have paved the way for the purchase of virtual products created by famous brands. In recent months, in fact, the metaverse has become the scene of the sale and purchase of luxury items, but the growth trend of the fashion and design sector in the metaverse is continuing exponentially, and is destined to move forward without slowing down. And there are various examples of this trend. One is the race to adopt Web3 undertaken by Gucci with its two NFT collections launched in 2022 and with the announcement of the inclusion of cryptocurrencies as a payment method for its products. This second aspect is a really important step, given that it will allow Gucci to unite its own Web3 digital community with the physical ones, as well as favoring different marketing strategies and facilitating the fight against counterfeiting, thanks to initiatives such as "#GucciGram" on social Instagram or the “FAKE/NOT” collection, at the center of an awareness campaign on the subject.

But there is another Italian fashion giant that has launched itself decisively on social media, namely Fendi, which has chosen to use Tik Tok to reach the market segment represented by the youngest, exploiting ad hoc content and partnerships with the influencers loved by young audiences. Moving on to French fashion brands, it is impossible not to mention Chanel as an example of using in a specific way any one of all the different social channels. The French luxury brand is in fact one of the most influential brands on social media in the luxury sector, thanks to an optimization of its contents to adapt them to each platform. This is how Chanel manages to make videos with millions of views (YouTube), to be at the center of industry narratives (Pinterest) and to publish iconic images of the brand or even generated by the user community (Instagram). The French luxury brand has thus managed to create its own unique communication language and, at the same time, to retain its audience. From Gucci to Fendi and Chanel, to Dolce & Gabbana, Balenciaga and Louis Vuitton, it is now evident that, although with different methods and strategies, all brands which operate in the luxury segment are now increasingly present and interested in the virtual world and, in general, to digital, as essential pillars for any brand that wants to be successful within what is currently the marketing ecosystem.

Luxury between NFTs and cryptocurrencies

Luxury and Social Media: NFT and crypto - Santandrea Luxury Houses And the growth of luxury in digital trends is also involving the world of art, in particular with the phenomenon of crypto art and art NFTs, which we present in more detail in a dedicated article. In particular, the relation between luxury brands and the virtual world is increasingly close, and also passes through the world of NFTs and cryptocurrencies. Going back to social media, in fact, and Twitter in particular, it should be emphasized that the 2022 Twitter Trends Report recorded a 320% increase in conversations on topics such as the relationship between NFTs and fashion or collectibles.

And here, for example, Dolce & Gabbana launched its "Genesis" NFT collection through a virtual discussion with Twitter Spaces, while Gucci chose Twitter to advertise the "#10KTFGucciGrail" NFT collection and launch "Supergucci" on Gucci Vault. In short, as also noted on the occasion of the Metaverse Fashion Week, the luxury fashion segment is expanding more and more rapidly in the virtual world, as well as all the commercial areas that are part of the luxury market. Experts, in fact, expect rapid and exponential growth of the metaverse, where more and more users are accumulating cryptocurrencies in their virtual wallets.



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