Today’s digitalized world has taken over literally everything from social interactions to one’s working life, and the marketing industry too is no exception. It is no secret that at present, digital influencers have a hand in the marketing industry.
While Luxury brands are known for their sense of exclusivity and superiority to cater to the wealthy and famous figures, not seizing the potential of digital influencer marketing would mean they’re likely falling behind over time, as the new generation luxury brand consumers are pretty much wrapped up in the social media culture.
Among all the widely used social media platforms, it is apparent that Influencer marketing thrives with Instagram, the booming visual social media platform. Boasting over a billion active users each month, Instagram offers brands an unrivaled opportunity to reach new and diverse customers through its legions of influencers. Instagram has generated revenue worth $26 billion in 2021 and its influencer marketing industry is predicted to reach $15 billion in 2022 which proves its effectiveness at engaging audiences than traditional advertising.
Celebrity endorsements on social media aren’t exactly new to luxury brands as opposed to the endorsement of the popular social media users dubbed “influencers”.
Endorsing celebrities such as Rihanna (129 million-plus followers on Instagram) by the high-end brands such as Dior, Balmain, Gucci, Chopard and the most influential celebrity in the fashion industry in 2018-Kylie Jenner (336 million-plus) to make announcements and reveal products, undoubtedly captures more consumers and grants the brand access to a wider, more diverse reach. Moreover Louis Vuitton’s collaboration with the K-pop sensation BTS for its Men’s Fall-Winter 2021 Fashion Show in Seoul, which was live streamed, broke records in Twitter with a whopping 36.8 million views, however there is no certainty that the majority could actually be consumers of the brand.
Therefore it is imperative that luxury brands reinvent themselves to appeal to a new generation of shoppers. Even statistics reveal that 92 percent of consumers trust influencers over celebrity endorsements. This affirms that influencer marketing will continue to rise among brands, including luxury brands as well. At present most luxury brands are starting to embrace influencer marketing, on account of influencer-follower dynamic. If it is made good use of, by sound investment, it’ll leverage the high-end brands. The key reason behind it being, the audience feeling more connected to the personable influencers and invested in their honest and genuine messaging.