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SAN FRANCISCO - On Friday, Pinterest released its latest report on luxury brands and, ultimately, why they need to include Pinterest in their strategy planning for 2024/25. Being the weekend I almost missed it, but I really get it. Much of the time we’re being advertised to without ever realising it and that’s okay. Brands are slipping into our subconscious on Pinterest. Why? Because they aren’t selling a problem and fixing it, they’re naturally the solution without even trying.
Whilst we’re saving inspiration for that aesthetic dinner party and searching for New York Brownstone interior design inspiration, or creating a board of what to wear at Cannes Lions 2024 and saving Louis Vuitton’s latest creation - we’re interacting with ads. And that’s okay.
Luxury brands around the world have been connecting with their ideal audience on Pinterest: one that is coming to the platform with intent, looking for inspiration to curate ideas and refine their taste for which luxury brands to invest in. With three in five luxury shoppers saying they use Pinterest to research luxury brands and products, these brands have the opportunity to reach this highly engaged audience the moment they form an opinion and make a purchase decision. — Kelly Emanuelli, Head of Luxury at Pinterest
So, here’s what we think you need to know from the report plus what to do next.
Underscoring the importance of Pinterest in the global luxury market, PA Consulting explains: With 482 million monthly users planning their next big purchases, Pinterest stands out as a platform where luxury brands can enhance the consumer experience without the clutter of toxic content often found elsewhere.
Gen Z Influence
By 2030, the luxury goods market is expected to double, driven significantly by Gen Z spending. This demographic forms a substantial portion of Pinterest's luxury audience, with 70% under 35 years old. This presents a unique opportunity for luxury brands to engage with a younger audience in a space where they are actively searching for inspiration.
Affluence and Intent on Pinterest
Pinterest's users are not just affluent; they are intentional. A third of luxury shoppers on the platform have annual incomes exceeding USD $100,000, and they spend 87% more on luxury goods compared to other platforms. Furthermore, these users are 35% more likely to have high incomes, making them a lucrative target audience for luxury brands.
Pinterest Ads: A Solution, Not a Disruption
Unlike other platforms where ads can disrupt the user experience, Pinterest ads are seen as solutions that add to the user's journey. This receptiveness is evident with three out of five luxury shoppers open to luxury advertising on Pinterest, making it an ideal platform for brands to connect with their audience.
Case Studies: Louis Vuitton and Carolina Herrera
Louis Vuitton's collaboration with artist Yayoi Kusama saw a successful campaign launch on Pinterest, reaching over 3.5 million users in just three days. Similarly, Carolina Herrera leveraged Pinterest's new Premiere Spotlight video ad format for their Good Girl Maxi Glaze lipstick, highlighting the platform's effectiveness in reaching high-impact audiences at scale.
Pinterest for Luxury Shopping: A Spectrum of Possibilities
Pinterest users don't just browse; they shop with intent. They are significantly more likely to purchase from luxury fashion, watches, jewellery, and beauty categories than shoppers on other platforms. This intentional shopping behaviour is a goldmine for luxury brands looking to connect with consumers ready to invest in high-end products.
Planning for Luxury Futures
Pinterest users are planners. They envision their futures with luxury goods, saving over 1.5 billion Pins weekly across diverse categories. This planning mindset aligns perfectly with luxury brands that want to be part of consumers' aspirational lifestyles.
A Mirror to Luxury Brand Values
Pinterest's luxury users see themselves as trendsetters and are more likely to buy premium products. This self-perception aligns well with luxury brands that often position themselves as trend leaders. Moreover, sustainability and eco-friendly values are becoming crucial in luxury purchase decisions, and Pinterest's audience is more likely to be loyal to brands that align with these values.
The Verdict: Pinterest as a Luxury Marketing Platform
With its unique positioning, Pinterest offers luxury brands a chance to reach a young, intentional audience with high purchasing power. It's not just a platform for browsing; it's where dreams are curated, and luxury purchases are planned and executed. For luxury brands looking to make a mark in 2024 and beyond, Pinterest could well be the key to unlocking a new realm of possibilities.
What did you last search Pinterest for?