As part of its study of consumers and luxury brands in Hong Kong, GroupM launched an in-depth survey about consumptions habits and attitudes towards luxury brands in March of this year (2018).
Targeting 603 people between 18-54 years old in Hong Kong, the study split these consumers into three categories: Gen Z (18-24), Gen Y (25-39) and Gen X (40-54) with a particular focus on social media usage and influence.
The key findings:
- Every two out of three consumers in Hong Kong have purchased luxury goods in the past 12 months, slightly higher tendency is observed with Gen Y.
- Luxury consumers well split between females and males, with one-third possessing MHI $60,000 and above.
- Over half of Gen Y and Gen X sustain interest to purchase luxury goods in the coming 12 months.
- Similar to mature consumers, over half of Gen Z also show great potential for luxury consumption by acknowledging the importance of owning a luxury piece.
- Social media are competitive with traditional media in capturing eyeballs for luxury brands.
- Majority of consumers show interest in following luxury brands via social media, whereas Gen Z tend to be more selective in following luxury brands in which they are interested.
- Luxury brands’ information shared by KOLs or celebrities is the most significant driver to trigger interest to follow luxury brand via social media, especially among Gen Z.
- Image-driven and short video are most preferred. Long video is as less welcome as post with mainly text.