-- Membership in social networking sites has increased significantly
since early 2008 from 60% to 72% of wealthy consumers. Wealthy consumers 55
years of age and above have participation levels of 62%.
-- Facebook, LinkedIn, and newcomer Twitter have shown the strongest
growth in that timeframe.
-- One out of four (24%) wealthy social networkers say they would be
likely to join a community dedicated to a luxury brand that is sponsored by
the brand, and 20% would join an independent luxury brand community not
sponsored by the brand.
-- Nearly one in five social networkers belong to a social shopping site.
Ideeli and Rue LaLa are the most popular.
-- More than 40% of wealthy social networkers say they do notice
advertiser brands on social networking sites they visit.
-- Thirteen percent of social networkers have joined a group that is
based around a product/service or a brand. Of these, more than one-third
were solicited via email or other form of communication.
"As the luxury industry tries to reinvent itself, we continue to provide
the only unbiased and objective research that helps the industry see where
wealthy consumers are going and where the industry needs to follow," says
Milton
Pedraza, CEO of the Luxury Institute. "Our research indicates strong
participation among wealthy consumers in all key evolving areas of social
networking. Although no one can predict the new innovative forms of
interaction that will take place online, it is clear that social networks
will serve as central and irreversible conduits for consumer-to-consumer
and consumer-to-provider cooperation and value creation in the near future.
We are seeing more leading luxury brands embrace social media, but the
overall luxury industry continues to lag to its own detriment."
A national sample of more than 400 wealthy American consumers was surveyed
online by the Luxury Institute. The Institute's respondents had an average
weighted household income of $415,000 and an average weighted household
net-worth of $4.9 million. Survey results are weighted to match the
profiles of the latest Survey of Consumer Finances from the Federal
Reserve.
About the Luxury Institute (www.LuxuryInstitute.com)
The Luxury Institute is the uniquely independent and impartial ratings and
research institution that is the trusted and respected voice of the high
net-worth consumer. The Institute provides a portfolio of proprietary
publications, research and consulting services that guide and educate high
net-worth individuals and the companies that cater to them on leading edge
trends, high net-worth consumer rankings and ratings of luxury brands, and
best practices. The Luxury Institute also operates LuxuryBoard.com, the world's first
global, membership-based online community for luxury goods and services
executives, professionals and entrepreneurs.
Contact Information: For Further Information, Please Contact: Evins Communications, Ltd. Dotty J. Giordano Vice President & Director Phone: (212) 377-3588 E-mail: dotty.giordano@evins.com The Luxury Institute, LLC Martin Swanson Business Development Phone: (914) 909-6350 E-mail: mswanson@luxuryinstitute.com