Essay On Luxury And Social Media

Introduction

Social Media and Luxury

Social media is exploding worldwide and there are many different forms which are used around the world. According to the recent statics of social media, 72% of Internet users are now active on social media, and there are 1,28 Billion monthly active users on Facebook (15% increase Year over Year). The appearance of social media not only changes the daily life of ordinary people, it also plays a crucial role to business success in our times. Nowadays it has become one of the most important tools in marketing. 16 Million local business pages have been created as of May 2013, which is a 100 percent increase from 8 million in June 2012. In addition, an annual report from University of Massachusetts Dartmouth

Our research will only focus on personal luxuries, which are the most consumed categories in China. (Bain & Capital 2012).

Personal Luxuries

1 Clothing and Apparel (Women's casual, dress/business, formal/evening, outerwear; men's casual, dress/business, formal/evening, outerwear; teen's clothing; children's clothing; baby clothing)

2 Cosmetics, Fragrance and Beauty Products (Fragrances, perfumes; bath and body lotions; face care; hair care; cosmetics and makeup; sun and tanning products)

3 Fashion Accessories (Women's handbags, shoes, brief cases, and fashion accessories, such as scarves, belts; men's wallets, brief cases and men's fashion accessories, including shoes, belts, etc.; luggage for men and women)

4 Jewelry (Women's and men's jewelry by type, including necklaces, earrings, bracelet s, rings, bridal/wedding, pins and brooches; women's and men's jewelry by material, including 14k and above gold, sterling silver, platinum, gold plate or vermeil, costume jewelry; and women's and men's jewelry by stone, including diamonds, other precious gemstones, semi-precious gemstones, pearl, faux or man- made, no gemstone

After several years of development, nowadays there is a variety of forms of social media, including weblogs, social blogs, microblogging, wikis, podcasts, pictures, video, rating and social bookmarking (Kim & Ko, 2012). Since the usage of social media grows exponentially, more and more business organizations have used them as communication tool. Thus, social media provides a new way of advertising and marketing. Brands and businesses have launched a lot of marketing campaigns through social media in order to enhance the interactions with customers and the performance of campaigns. A study by Info-graphics showed that at least half of Twitter and Facebook uses said that they had become more likely to talk about, recommend or purchase a company’s product, after they followed the official accounts of those companies on social media (Jackson, 2011).The appearance of social media provide a new way to do the marketing campaign, by leveraging social media, brands and business could reach a massive audience with less cost than