Tiffany’s jewelry represents a discerning interest in the best–highest quality, timelessness and unique experiences.
Luxury brands are tasked with offering products that invoke an appealing lifestyle to their discerning consumer base. Tiffany’s is not alone in facing the challenge from clients to, “show me that you know me.” In order to deliver above the expectation, luxury brands have to evolve and hone in on consumer specifics.
People Pattern ingested a small sample of followers of @TiffanyAndCo. For each unique user, the platform pulled the most recent 200 posts and ran the text through a set of classifiers for analysis.
Initial insights uncovered key geographic hotspots around the country. New York, Los Angeles and the San Francisco Bay Area emerged as cities with the highest concentration of fans. Perhaps more surprising to discover was that Atlanta, Georgia, Philadelphia, Pennsylvania and Buffalo, New York were also home to significant populations of luxury buyers.
Taking a closer look at the audience breakdown, four key demographic and psychographic-based personas emerged.
The Affluent Parent represented the majority of the group, while 22% of the larger audience was made up of people characterized as Mature Millennials. Millennials, a notoriously difficult-to-capture audience, have upended traditional segmentation and now seek “functional luxury”–products that reflect quality, craftsmanship and authenticity over brand recognition. According to the data, the millennial market interested in Tiffany & Co. products are inclined to spend time learning and discussing beauty, celebrity culture and dancing.
The Mature Millennial audience is plugged in and interested in joining the luxury elite–on their own terms.
Studies show millennial spending on premium luxury goods has increased 33% year over year in the past. Rather, the main focus for brands should be in the ways that they message and engage a more discerning clientele.
For luxury brands looking to identify new ways to connect with this high-value segment, joining an existing conversation and then leading through context is a simple yet effective method for communication.
Based on a quick analysis, People Pattern unearthed a handful of top hashtags used by millennials within the Tiffany & Co. audience.
The luxury consumer expects more from brands and is more interested in the luxury experience than products themselves. It is up to brands to know their audiences well enough to offer desirable products that reflect the value and experience of a luxury lifestyle. By combining proprietary consumer data with digital behaviors, luxury brands are empowered with insights into the complexities of a most discerning audience.
To learn more about how market research has shifted in the digital age, download our white paper to understand how luxury brands stand to benefit.
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