When it comes to luxury brands and their ad strategies, one thing stands out. According to a new market report from Zenith, luxury brands have been slower to adopt digital advertising than most brands.
And while some categories – notably luxury travel – are beginning to spend more on digital, the “high luxury” categories like watches, jewelry and high fashion are decidedly still leaning toward print.
“It appears that print still holds a strong edge over digital for the so-called ‘high luxury’ type,” notes this post in MarketingCharts. “This includes Watches & Jewelry and Fashion & Accessories – two areas that are expected to direct below-average proportions of their budgets to digital.
“Instead, high luxury brands are forecast to allocate fully 55% of their budgets to magazine advertising next year, down only slightly from 57% last year,” the report continues. “Zenith attributes this to these brands being more ‘exclusive and iconic,’ and therefore more willing to invest in ‘prestigious media’ that may have lower reach.”
It’s not a surprise to us, given what luxury brands know about print ads. And there’s a less obvious reason why print ads are still so attractive to luxury brands – print has become something of a luxury brand in its own right, and it’s indispensable for brands looking to reach high-end consumers.