“There is a sense of urgency associated with digital platforms,” adds Vera Wang CEO Mario Grauso. “We haven’t so much shifted [advertising] resources, but rather we have allocated additional resources to build, support, and promote our social media platforms.”
Now that they’ve embraced digital, though, high-end brands find themselves having to face the fears that kept them from it for so long. Digital isn’t as easy to do as some of them would like to think. And if the brands do it badly, the democratizing effect of digital can backfire on them, further eroding the aura of exclusivity that defined them for generations.
The reasons for going online are, as most other industries already know, compelling. Eighty percent of people with an income of over $250,000 are social media users according to Unity Marketing research, and 50 percent have used social media to learn more about a brand or see new products. Data from management consulting firm L.E.K. Consulting shows that those earning more than $150,000 are the only people spending more than they did before the recession. And a 2011 Digitas study notes over the next decade digitally entrenched millennials will become the next major luxury buyers—and should therefore be targeted now.
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