Pinterest has published a new report on the value of the app for promoting luxury brands, including notes on how and why users come to the platform to discover luxury products.
The multi-market survey conducted by PA Consulting shows that the consumers that luxury brands care about the most use Pinterest.
It specifically looks at engagement with high-end fashion brands, and how Pinterest is helping to drive discovery and engagement with this market segment.
According to Bain & Company, the luxury goods market is surging; it’s likely to double in size by 2030 on the strength of Gen Z spending, which is another Pinterest advantage.
“On Pinterest, consumer brands enhance a positive experience rather than collide with toxic content found on so many other sites. While the global economic environment remains unstable, the luxury goods market is surging; it’s likely to double in size by 2030 on the strength of Gen Z spending, which is another Pinterest advantage.” adds Pinterest.
Pinterest has shared some new stats on luxury shopping engagement, including:
- 70 percent of the Pinterest luxury audience is under 35 years old
- Four out of five luxury shoppers in the app are women
- A third of luxury shoppers on Pinterest have annual incomes exceeding $US100,000
- Pinterest users spend 87 percent more on luxury goods, and are 27 percent more likely to buy premium products.
The findings also show that Pinterest is the number one destination for inspiration when shopping for luxury products, with three of every five luxury shoppers saying that they use Pinterest for research and discovery.
The study revealed actionable data for brands, including how Pinterest drives luxury consumers from ‘discovery to decision to do’—in other words, shoppers can find a large selection of luxury items, decide which ones to purchase, and buy them, all on Pinterest.
“Three in five luxury shoppers claim to be open to luxury advertising and they are 85 percent more likely to be receptive to this kind of advertising.”
This could present new opportunities for luxury brands, providing direct linkage to a receptive, responsive audience, that has come to the app to shop and purchase.
You can view the full luxury brand engagement report here.
