From Instagram's effect on fashion to changes in the luxury market, here's your of-the-moment update on what you need to know in Retail.
The Future of Luxury and 5 Trends Affecting It
Luxury shopping, dining, and travel experiences are always changing. Check out these five trends that will redefine the future of Luxury. Read the full article here.
- Luxury is changing. It still exists, but it's more nuanced and innovative than it has ever been.
- Luxury has moved from being about things to being about people and experiences.
- The five trends:
- The Quintessential Self – Consumers want to become better people having better experiences while doing it faster and more exclusively than anyone else. Some experiences include luxury vacation packages specifically for people participating in the Barcelona marathon, mood-enhancing cocktails, and meditation-focused cruises.
- V.I.D. - Consumers now know that their data is everywhere all the time. More and more, luxury brands are taking care to store their customer data in safer spaces – like the Swiss vault that Bulgari uses.
- Premium Redeemed - Luxury is now less about how much you make and more about how much you give. Some ways luxury clientele do this is by investing in startups or creating and support companies dedicated to sustainability.
- The Extravagance Economy - Luxury shopping meets the on-demand economy. Consumers enjoy on-demand private jets, super-car taxis, and more.
- Post-Demographic Luxury - The people that buy luxury have changed just as the market has. Old target audiences are out-of-date – now the luxury shopper could be anyone, anywhere. What was previously a very narrow identity has exploded into something much larger.
Pinterest Makes It Even Easier To Find Customers
Retail-friendly platform Pinterest recently made its autoplay video ad product available for everyone. Paired with its buyable pins, it’s becoming an even more powerful platform for retail brands. Read more on this awesome product here.
- 75% of pinners will watch videos on topics that interest them, and 61% say they enjoy videos from brands on the platform.
- 83% of pinners follow brands they love and 86% of daily pinners say they’ve accessed Pinterest while shopping to buy something they’ve previously pinned.
- Pinterest’s autoplay video ads hit users when they’re in the mindset to try something new, and lets you target based on what people are planning and searching for.
- When users click on certain video ads to view them larger, Pinterest includes a carousel of related pins selected by the brand (see below).
- Using buyable pins here can make conversions easier - people can purchase in-feed.
Instagram and The Fashion Industry
Instagram, the largest growing social media platform, has had a huge effect on the fashion industry according to a recent survey. See just how far a fashion-forward Instagram post can go. View more information here and see the full infographic below.
- 72% of respondents said they made a fashion or beauty-related purchase after seeing something on Instagram.
- 65% said they were at least somewhat influenced by accounts they follow.
- 60% said they are somewhat to very likely to purchase something related to style, fashion, or beauty on Instagram – but 82% said they don’t use the “Shop Now” button.
- Men are 5X as likely to be influenced by Instagram posts of shoes than women.
- 1/3 of respondents said they’ve used Instagram in-store to help make their final purchase decision.
- 50% said Instagram has the most influence on their shopping habits.