The rise of the digital economy simultaneously poses the biggest challenge and growth opportunity to the luxury business, according to the newly released “State of Luxury 2018: The Insider View” report fromAmong the many findings, the 40-page report also reveals that social media advertising and promotion is where the largest number of luxury goods and services brands will invest their advertising and marketing budgets in 2018, followed by Web site enhancements and Internet advertising such as...
Further, the survey results also reveal that traditional print advertising is losing relevance to luxury brands as a means to reach the target customer. Only about half as many brands report that they will allocate advertising budgets to print this year versus social media. This year’s survey found 58 percent of luxury goods and services companies will invest more on advertising and marketing in 2018, which is a marked improvement over the previous year.