A new report published by NetBase, a social analytics company, shows consumers are exceptionally loyal to luxury retail brands online. While Amazon and other major retailers may win the award for most traffic, luxury brands win by the measure of passionate fans.
The report was based on a mash-up of different factors from online conversations taking place on Twitter, Facebook, Instagram, and Tumblr between July 2015 to July 2016.
According to the NetBase report, Tiffany & Co. came out on top of the luxury brand list, which also included Burberry, Chanel, Coach, Louis Vuitton, Prada and others. “Luxury retail is beloved by consumers, boasting the highest overall net sentiment of all categories,” said Paige Leidig, CMO of NetBase. “Tiffany & Co. in particular shined the brightest, ranking in the top spot in our Brand Passion Index Rank.”
Overall, luxury brands are performing well online, receiving over 4.2 Million mentions on social media during the reporting period with a reach of 2.7 billion and awareness of 16 billion. Most of the mentions centered on discussion of favorable in-store experiences and product selection, highlighting the power that digital consumers have to rapidly share brick and mortar experiences, with results amplified across a wide audience.
Tiffany did not stumble into these good results. During the past year the venerable jewelry brand ran a social media campaign to promote its “Return to Tiffany Love” collection. Hoping to establish its brand with millennials and other younger consumers, Tiffany sought to shed the image of offering only high priced items that “only your parents would buy”.
Adjustments to product category was supported by celebrity ambassadors to breath life into the brand, and the shining results show that luxury brands can compete successfully in the online world of social media.