THE NEW GENERATION OF LUXURY BUYERS IS SHARP, SOCIAL MEDIA SAVVY AND MORE DISCERNING THAN EVER. BUT HOW HAVE THEIR PURCHASING DECISIONS REALLY BEEN INFLUENCED BY THE DIGITAL LANDSCAPE?
How has social media changed the luxury experience?
TARA AND CHADWYN TANN
@tannandco “We browse online first, and then go to the store when we find something we like. Luxury is one category where building trust online is difficult. The Amazons and Alibabas of the world will not be able to penetrate solely based on an online model. There are too many questions that can only be answered by touching and feeling the product.
We do consume social media, but updates on the latest product launches come from three main sources: directly via SMS from the boutiques we shop at; online merchants such as Moda Operandi and Luisaviaroma via email blasts or personal notes; and through high society magazines such as Tatler.”
LAM TZE TZE @tzetzelam
“The development of big data analytics allows brands to customise and deliver personalised content. As a result, the relationship between luxury brands and their consumers is a lot closer than before, but this also means brands have to manage customers demanding an almost immediate reaction to satisfy their needs, or should I say, wants.
Good service is everything in this day and age, in particular within the luxury industry. This is what sets luxury brands apart. Even though an online presence and social media bring the brands closer to their customers, personalised care and service are an integral part of the luxury shopping experience, and most definitely a key reason why a customer would decide to purchase a piece of jewellery or timepiece.”
DIANE AND NYCKY LIM @dianeeng & @nyckylim
“Our main source of information about the latest watch and jewellery launches comes from Instagram and blogs. However, we wouldn’t ask our Instagram or Snapchat followers for their opinion before a big purchase, as we shop for our own happiness and satisfaction. We’re not ones to seek social recognition. We buy items that reflect our taste and preferences.
We do not mind having minor customisations like hot stamping of initials, for example. At the same time, we still like to respect the designer and maintain the specific ‘ theme’ that the brand has come up with.
One brand that markets itself well to millennials is Cartier. A collection that has made a significant statement is the Panthère de Cartier. Given Cartier’s background of more traditional and classic designs, I think this series appeals to the millennial crowd with a bolder and more recognisable concept.”
DIANE is wearing Juste un Clou cuffff and ring in white gold with diamonds, both by Cartier; Cartier Love ring, her own