On the 26th of March, an event was held by UM in London. It was a luxury study by the name 'Shared Stories: The new global luxury storyteller' that I was asked to be a part of. The study's objective was to analyse luxury brand consumers' behaviours to open brands' eyes and guide them on how to tackle a group that now accounts for 50 percent of all luxury spend.
“This study has been a breakthrough for UM. The insights we have uncovered will allow marketers in the luxury space to deliver real business outcomes for customers within this fiercely competitive market” said Gary Bonilla, Chief Strategy Officer, UM G14.
UM partnered with Central St Martin's College of Art and Design, gathering data and information from over 1000 luxury consumers across the UK, China, Russia and the Middle East, and overlaying this with social media tracking across 65 countries.
“In our digitally democratized world, luxury behaviours and values have changed dramatically, yet marketing remains stuck in the past – with print often still accounting for almost 90 percent of media spend" said Bonilla.
There were three types of storytellers, Chinese luxury consumers as the Essayists, Russians as the Autobiographers, and finally Middle Easterners as the Freestyle Poets. They are united as 'global' citizens by media behaviours, yet have clear needs and core drivers related to their local culture and traditions.
On their next research, they're going to be targeting luxury consumers in Brazil, South East Asia and India.