A new study authorized by Pinterest makes the case for the platform as social media’s most engaging social media source for luxury consumers.
“Three out of five luxury shoppers say they use Pinterest to research luxury brands and products,” Pinterest reported on the study findings. “Pinterest is the No. 1 destination for inspiration when shopping for luxury.”
According to the study, the consumers that luxury brands care most about reaching are on Pinterest. The platform has 482 million monthly active users, Pinterest said, and it strives to avoid the toxic content found on other social media sites.
Conducted by PA Consulting, the multi-market study showed that 70% of Pinterest’s luxury audience—defined as users who have searched for or saved one of 60 luxury brands—is under 35 years old. (Another study on the luxury market—released last spring by Bain & Company for Altagamma, an Italian association for high-end brands—said the luxury goods market is likely to double in size by 2030, despite the global economic environment, thanks to the rising spending power of Gen Z.)
Other numbers that Pinterest reported on its luxury audience: They spend 87% more on luxury goods than shoppers on other social media platforms; 4 out of 5 are women; 1 in 3 has an annual income over $100,000; and they are 35% more likely to crack the six-figure salary mark than luxury shoppers on other platforms.
“People go to Pinterest with a purpose,” said Pinterest. “Every day, millions of users visit the platform with an intention: Find the right content that will help them take action on it.”
The study reported that more than 2 in 5 luxury shoppers have purchased luxury watches or jewelry on Pinterest, and that Pinterest luxury shoppers are nearly 75% more likely to make purchases in the category than shoppers on other platforms.
Pinterest cites Louis Vuitton as one prominent luxury brand (which sells fine jewelry) that’s found success on the platform, launching an artist collaboration through a video campaign on the platform. “Luxury brands around the world have been connecting with their ideal audience on Pinterest—one that is coming to the platform with intent, looking for inspiration to curate ideas and refine their taste for which luxury brands to invest in,” said Pinterest’s head of luxury, Kelly Emanuelli, in the report. “With 3 in 5 luxury shoppers saying they use Pinterest to research luxury brands and products, these brands have the opportunity to reach this highly engaged audience the moment they form an opinion and make a purchase decision.”
Jewelry retailers have choices when it comes to their activity on Pinterest for the holiday season. They could simply spend time engaging with current followers and adding new content, but putting some marketing budget into a campaign on the site might help a retailer reach their ideal customer base. If Pinterest’s study is any indications, these customers will be more engaged and more prepared to buy than users of other social media, like Instagram and TikTok.
(Image via Pinterest)
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