China Leading the World for Luxury Digital Advertising
Over the last decade, collaborations between luxury brands and contemporary artists have gone beyond mere artistic partnerships towards a new kind of luxury branding.
PARIS – Art and fashion have always developed side by side, for fashion, like art, often gives visual expression to the cultural zeitgeist. During the 1920s, Salvador Dalí created dresses for Coco Chanel and Elsa Schiapparelli. In the 1930s, Ferragamo’s shoes commissioned designs for advertisements from Futurist painter Lucio Venna, while Gianni Versace commissioned works from artists such as Alighiero Boetti and Roy Lichtenstein for the launch of his collections. Yves Saint Laurent’s vast art collection, recently auctioned at Christie’s in Paris, testified to his great love of art and revealed the influence of a variety of artists on his own designs.
In the 1980s, relationships between luxury brands and artists were advanced when Alain Dominique Perrin created the Fondation Cartier. In the Fondation Cartier pour l’Art Contemporain, a book marking the foundation’s 20th anniversary, Perrin says he makes “a connection between all the different sorts of arts, and luxury goods are a kind of art. Luxury goods are handicrafts of art, applied art.”
The Fondation Cartier pour l’Art Contemparain building in Paris
Asia’s biggest economy is the most advanced digital market for luxury advertising, according to the latest Zenith study.
Digital advertising is by far the biggest growth sector for advertisers in the luxury sector, with China found to be the most advanced market of them all.
The findings, published today in Zenith’s Luxury Advertising Expenditure Forecasts 2018, report that digital advertising in the luxury sector will grow by US$886 million between 2017 and 2019. In comparison, TV advertising will grow US$27 million, with cinema and radio trailing even further behind. By 2019, Zenith said, digital advertising will account for 35% of total luxury adspend.
Data specific to luxury sector
Unsurprisingly, the US and China remain the world’s largest luxury markets, with brands spending US$5.2 billion and US$2.1 billion, respectively, in 2017. China is outstripping the rest in terms of digital advertising. It accounted for 53% of domestic luxury adspend in 2017. By 2019 that figure will be almost 70%, according to Zenith.
The report analysed 23 global markets, including nine in Asia-Pacific: Australia, Hong Kong, Japan, Singapore, South Korea, Mainland China, Malaysia and Taiwan. Other APAC markets have some way to go to grow their luxury digital advertising ecosystems.
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