Pinterest has published a new report on the value of the app for promoting luxury brands, including notes on how and why users come to the platform to discover luxury products.
The report, conducted in conjunction with PA Consulting, looks specifically at engagement with high-end fashion brands, and how Pinterest is helping to drive discovery and engagement with this market segment.
As explained by Pinterest:
“On Pinterest, consumer brands enhance a positive experience rather than collide with toxic content found on so many other sites. While the global economic environment remains unstable, the luxury goods market is surging; it’s likely to double in size by 2030 on the strength of Gen Z spending, which is another Pinterest advantage.”
Based on the findings, Pinterest has shared some new stats on luxury shopping engagement, including:
- 70% of the Pinterest luxury audience is under 35 years old
- Four out of five luxury shoppers in the app are women
- A third of luxury shoppers on Pinterest have annual incomes exceeding $US100,000
- Pinterest users spend 87% more on luxury goods, and are 27% more likely to buy premium products
The findings also indicate that Pinterest is the number one destination for inspiration when shopping for luxury products, with three of every five luxury shoppers saying that they use Pinterest for research and discovery.
Which also extends to ads in the app:
“Three in five luxury shoppers claim to be open to luxury advertising and they are 85% more likely to be receptive to this kind of advertising.”
That could present new opportunities for luxury brands, providing direct linkage to a receptive, responsive audience, that has come to the app in a shopping mindset.
And in some cases, that’ll also facilitate expanded promotion opportunities for tangential brands and offerings, which are of appeal to this market.
Some interesting considerations either way, which could help to shape your thinking around Pin campaigns over the holidays or into 2024.
You can read Pinterest’s full luxury brand engagement report here.