Welcome to the Glossy+ Research Briefing, your weekly curation of fashion and beauty research insights. As a member, you have full access to the Glossy+ Research below.
In this edition, we share focal points from recently released reports about how marketers’ social platform budgets stack up and how some luxury shoppers plan to increase spending this year.
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CMO Strategies: How marketers’ social platform budgets stack up — from Instagram to TikTok
This is the first installment of a multi-part series covering CMO strategies across marketing channels. Keep an eye out for an upcoming report on retail media.
Marketing channels have had a turbulent time in recent years, from shifts in privacy regulations to an increase in marketing costs and the impact of macroeconomics on marketing spend. As marketers continue to face roadblocks in their efforts to keep their brands at the top of consumers’ minds, Glossy+ Research has analyzed strategies and challenges across leading marketing channels – like programmatic display, Instagram and Amazon Ads – to identify key trends and best practices in our CMO Strategies series. This first report takes a closer look at budget allocations across social media platforms.
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Key findings:
- Social platforms that took the top spots for budget allocation in 2023 were those that have feeds where ads were much more common — Instagram, Facebook and YouTube. TikTok was the only exception. Despite its nascency, the platform has quickly become a favorite among marketers, even outpacing Google-owned YouTube.
- Twitter, Reddit and Snapchat fell toward the lower end of marketers’ budgets. Rather than hosting higher quality influencer or professional content, these platforms give users the ability to interact consumer to consumer. Brands typically use the platforms as an opportunity to educate or engage consumers rather than to advertise to them.
Glossy x Saks Research: One-third of luxury shoppers expect to increase spending this year
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With TV programs like HBO’s “Succession” — the series finale of which just aired May 28 — ushering in an era of quiet luxury, new research from Glossy and Saks finds that only one in three luxury consumers plans to up their spending in the coming year. That is according to an April 2023 survey of 3,944 luxury consumers on their current shopping habits. When they do plan to spend, luxury customers are seeking out in-person connections and immersive experiences ahead of products and goods, and they’re not looking to spend much more than their typical amount.
Key findings:
- Nearly half of respondents said they will be spending the same amount in the next 12 months versus the prior year. Twenty-three percent of respondents said they will be spending slightly more on luxury goods, and 16% will be spending slightly less.
- Almost two-thirds of respondents said that, in the next 12 months, they are likely to spend the most money on travel. That was followed by beauty products (37%) and local experiences/entertainment (37%).
Glossy+ Case Study: How Kate Spade paired influencers with NYFW to amplify brand awareness
In case you missed it, fashion week seating charts are taking a different shape as more influencers are invited to the events. In February, Kate Spade New York unveiled its fall 2023 collection with a New York Fashion Week presentation in which it invited influencers to engage with its new collection. Kate Spade partnered with fashion influencers Charles Gross and Madeleine White to co-host a livestream, and the brand also posted content created by White and Gross — who have 4.1 million and 1.3 million TikTok followers respectively — along with content from other influencers and celebrities, on its TikTok, Instagram and Twitter accounts.
The livestream was well received by FacebookWatch viewers, with 120 reactions, 106 comments and 17 shares, and the social media posts garnered positive results as well. In this case study by Glossy+ Research, we examine how Kate Spade, and other brands such as Tarte and Fenty, have recently engaged and captivated consumers by using influencers to promote their brands.
Key findings:
- Kate Spade aimed to revitalize its brand with a fresh collection presented at NYFW to fashion influencers who align with the brand’s legacy image, but also speak to a younger demographic that the brand is trying to target. That’s especially true on TikTok where the majority of users (71%) are between 18-24 years old.
- The Kate Spade brand’s social media posts received strong engagement — especially on Instagram, where the content received more than 50,000 likes. It also drove more than 64,000 views on TikTok and 163,000 Twitter impressions.
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