A survey has found Pinterest is the platform where consumers who care about luxury brands spend most of their time.
The multi-market survey conducted by PA Consulting reported that 482 million monthly users use Pinterest to plan their next projects; consumer brands enhance a positive experience rather than collide with toxic content found on so many other sites.
The data revealed that three of every five luxury shoppers use Pinterest to research and be inspired when shopping for luxury brands and products. PA Consulting’s survey found a third of luxury shoppers on Pinterest also have annual incomes exceeding USD $100,000 and are 35% more likely to crack the six-figure mark than luxury shoppers on other platforms.
Those affluent luxury shoppers also spend 87% more on luxury goods and, according to the Global Web Index, are 27% more likely to buy premium products.
The research also found that while the global economic environment remains unstable, the luxury goods market is surging and is likely to double in size by 2030 on the strength of Gen Z spending, which is another Pinterest advantage.
Looking at demographics, 70 % of the Pinterest luxury audience, defined as global users who have searched or saved one of 60 luxury brands, is under 35 years old, with four out of five being women, according to the research.
The PA Consulting study revealed actionable data for brands, including how Pinterest drives luxury consumers from ‘discovery to decision to do’—in other words, shoppers can find a large selection of luxury items, decide which ones to purchase and buy them, all on the platform.
Pinterest’s audience of engaged luxury shoppers is uniquely valuable to brands in many ways, according to the survey of monthly Pinterest users (and weekly users in the US), as well as the platform’s internal data.
Kelly Emanuelli, head of luxury at Pinterest, said: “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.”