In the accessories category, Europe dominates the luxury market. Not only does it host some of the most sought after brands in the world, it generates the most love for these offerings. The social listening story around each offers insight around why this is, and how competitors can take steps to level up.
Our latest report, The Europe 2018 Luxury Accessories Social Sentiment Report, shares findings about the trends driving the European accessories market today, and how brands can use this information to unlock consumer insight and create success tomorrow.
A high-level synopsis of what the report has to say follows, but first some findings to get those wheels spinning about possibilities:
- Luxury Accessories collectively represent 62% of the personal luxury goods market.
- Europe’s luxury market grew 6% in 2017, reaching €87 billion in retail sales.
- The luxury market is seeing a generational shift, with 85% of luxury growth in 2017 fueled by Generations Y and Z.
- Techno-luxury wearables are now in the mix and in-store tech will enhance customer experience.
- France is set to unseat Italy as the largest market for luxury retail in 2019, but the UK is also becoming a contender.
Emerging technologies are certainly impacting the market in a big way, and so too, are millennials – but are you preparing for Gen Z as well? Many are not, to their folly. They’re fond of wearables and they’re fickle.
How to capture such a crowd? It really depends on what you’re after.
Exclusivity Sells
Louis Vuitton, for example, targets the ultra-exclusivity niche – and it does so very well: “Certainly quality of product and price point speak to those who put luxury at a premium – but it’s the exclusivity of luxury goods that really define them. If everyone has access, it’s no longer a luxury.”
Other competitors in the space may have higher Net Sentiment scores (measuring whether emotions are positive or negative, from -100 to +100), but when viewed through the conversation volume lens, few are as expert at capturing this market. You can see five of the 39 top European luxury accessory brands’ scores below (the rest are in the report):
But what if your segment isn’t ultra-exclusive, yet still luxurious? What if you’re targeting middle-aged men living in Sweden who appreciate fine chocolate? Tweens keen on high-end makeup made in Milan? Well, you can open a shop and stand outside with a sign, or you can up your worldwide social listening game.
Sentiment Around The World
“Sentiment tells you everything about the consumers you hope to reach, what they want from you, what they want from competitors, and how badly they want it. Without sentiment, you are walking through a dark room, hoping not to bump into the furniture. With it, you are basking in the light of consumer knowledge.”
Use it to connect with people, not keywords when creating your campaigns. The full social conversation will take you – and your marketing budget – well beyond the expected audience you’ve been targeting. With a little digging, you’ll uncover lookalike segments in other parts of the world.
And with expert digging, available to those using the right social analytics tool to shape their efforts, you’ll go well beyond lookalike segments to uncover influencers and adjacencies supported by solid sentiment analysis, that will help you not only compete in your category, but win. Worldwide.
To learn more, be sure to download the full report here: The Europe 2018 Luxury Accessories Social Sentiment Report. And then reach out if you’d like to learn more, as we’re always happy to share insight and help brands win in whatever category they inhabit!
Related Posts:
- Social Analytics Spotlight: Louis Vuitton And The Case For Passion
- Audience Insights: Audience-Centric Listening
