The Luxury Advocate
It is indeed said that luxury is in the details – the details of the crochet one wears, the details of the car’s design, and the details of the intricate pattern of the jewelry. Luxury is not a choice. It is a way of living that is ardently advocated by those who have tasted its sweetness. It comes from the Latin word ‘luxuria,’ which means exuberance or excess. However, in practice, anything that is unique and limited in nature is considered a luxury.
Who are luxury advocates in the world of affluent consumers?
The luxury advocates belong to a group of high-income individuals who wish to live each day of their lives surrounded by exclusivity and superiority. They are the part of affluent consumers who follow brands on social media platforms and inherit a predisposition to engage with their cause. This group of consumers are usually younger in terms of demographic division and are exceptionally digitally active. Due to this reason, they also become the group of consumers who are trend-conscious and follow brands to be entertained by their engaging content.
The advocates of luxury swear by the highest levels of quality of the goods. Similar affinity is also present for the social values that the brand demonstrates. Research has suggested that almost 41% of the luxury advocates confirm that they would be ready to pay a premium for a product/ service if the brand demonstrates ethical practices, pays attention to sustainability, and exercises the right to zero discrimination. Furthermore, the more expensive an object is, the more luxurious, exclusive, and superior quality it is perceived to be when comparing the price to quality. Thus, luxury advocates never shy away from shelling out a little extra if luxury goods/ services belong to the higher side of the spectrum.
What can be done to increase the engagement with The Luxury Advocates?
Influencer Marketing
History suggests that luxury was once believed to be available only to the wealthy and the aristocratic world of old money. However, with the change in purchasing patterns and increased disposable income, luxury goods have become increasingly available worldwide to all those who can afford them. Now, online mediums are also in a race to provide luxury goods and services. This is where the importance of and influencers comes in. Luxury advocates are an asset to the brands that sell an impeccable experience. In times of evolving marketing trends, hiring celebrities for selling a luxury experience is less advisable. Buyers are more influenced by loyal brand consumers and everyday influencers who connect with the masses in real-time. They create substantial traction because consumers find it easier to trust these influencers rather than paid celebrities.
Connect through personal values & brand identity
As suggested, the luxury advocate consumers resonate with the content and values of the brand. These are the most significant reasons for successful purchases from their side. Thus, the onus lies on the brand to manifest their ethics to persuade and allure the prospective consumers.
Entertain and Sell
A majority of the luxury advocates have confirmed in the past that they follow brands on social media for getting entertained or enticed with creative content. Thus, the most significant piece of advice brands can take from this finding is to push the boundaries of creativity of all platforms. Marketers must not be afraid to set new trends as experimentation with creativity can lead the brand to a long path of success.
Feed the price-savvy
Luxury advocates are one of the most price savvy. They prefer websites and payment options that provide them the freedom to purchase goods/ services in installments or offer huge discounts. Loyalty discounts are one such feature that intrigues the consumers to a specific brand. Thus, diverse purchase drivers must be practiced by brands to reach out to a greater audience. Perhaps, these features are also the impetus behind the reduction in the age of the luxury purchasers.
In today’s times, luxury has become a necessity that begins when ‘necessity’ ends. Thus, it becomes essential for the brands to be the luxe of the marketing world. By leveraging the newer marketing platforms such as social media and word of mouth by luxury advocates, the brands can excel in reaching the communities that have been untapped for a considerable time. Perhaps, now the time has come that the psychic of luxury products and services undergoes a revamp and becomes more of a synonym with quality rather than price. This helps to stay relevant in the competitive world of big brands and luxury and keep pace with the changing and compounding demands of the luxury advocates!