With a globally rising percentage of internet access and time spent on social media in emerging, developing as well as mature markets, investment into an exceptional digital customer experience can be more and more efficiently leveraged and scaled.
This thesis aims to quantitatively and qualitatively determine whether a measurable influence of users’ social media interaction with artists and luxury brands on their prices and sales exists, how it manifests itself and which conclusions and recommendations can be drawn from its existence and applied to both industries. Does a Facebook Share translate into a good’s sale? Is art’s instagramisation reflected in auction prices? And how can we measure the paradigm shift in these traditional industries, led by democratization of information- and opinion-sharing, exhibited by rising amateur-experts and new opinion leaders afar from established critics?
Inhaltsverzeichnis (Table of Contents)
- 1. Introduction
- 1.1 Market Overview
- 1.2 Client Profile
- 2. Research Questions
- 3. Hypothesis
- 4. Literature Review
- 4.1 Luxury & Digital
- 4.1.1 Luxury Image
- 4.1.2 Sales
- 4.1.3 CRM & Communication
- 4.1.4 Risks & Areas of Development
- 4.2 Art & Digital
- 4.2.1 General Development
- 4.2.2 Hyper-monetization
- 4.2.3 Information Access
- 4.2.4 Critics & Opinion-leaders
- 4.2.5 Participation & Valuation
- 4.2.6 Information Asymmetries
- 5. Interviews
- 5.1 Digital Innovation in the Luxury Industry
- 5.1.1 Penetrating emerging markets via new channels
- 5.1.2 Globalization through digitalization
- 5.1.3 The luxury brand image in new media
- 5.1.4 Alterations in the designing or purchasing process
- 5.1.5 Digital Participation Conversion pre- and during purchase
- 5.1.6 Post-Purchase Service and CRM
- 5.1.7 Areas of development and risks
- 5.2 Digital Innovation in the Art Industry
- 5.2.1 Penetrating emerging markets via new channels
- 5.2.2 Globalization through digitalization
- 5.2.3 Art in & digitalized Capitalism
- 5.2.4 Hyper-monetization: The influence of finance in Art
- 5.2.5 Digital Participation: Influence on auction results
- 5.2.6 Instagramisation: Art creation and selection altered by digital media?
- 5.2.7 Digital tools in the sales process
- 5.2.8 Cooperation of fine art with mass e-tailers
- 5.2.9 Areas of development and risks
- 5.3 Interview Conclusion
- 6. Quantitative Analysis
- 6.1 Approach
- 6.2 Methodology
- 6.3 Findings
- 6.3.1 Brand-centric analysis of social visibility
- 6.3.2 Social visibility's influence on sales
- 6.3.3 Refocused social visibility analysis
- 6.3.4 Interactive digital media's correlation with sales
- 6.3.4.2 Insignificant
- 6.3.5 Correlation between Sales and Social Media
- 6.3.6 Challenging the Findings
- 6.3.7 Concluding Findings
- 6.4 Limitations
- 7. Concluding: Hypothesis
- 7.1 Hypothesis 1
- 7.2 Hypothesis 2
- 7.3 Hypothesis 3
- 7.4 Future Recommendations
- 7.5 Further Recommendations
- 8. Conclusion for lux.
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This thesis quantitatively and qualitatively investigates the measurable influence of social media interaction on the sales and prices of luxury brands and art. It aims to determine how this influence manifests and to provide recommendations for both industries. The study explores a paradigm shift driven by the democratization of information and opinion sharing.
- The impact of social media on luxury brand and art sales.
- The correlation between social media engagement and auction prices.
- The role of digital media in altering the luxury and art purchasing processes.
- The emergence of new opinion leaders and their influence on these traditional industries.
- Strategies for leveraging digital media in luxury and art marketing and sales.
Zusammenfassung der Kapitel (Chapter Summaries)
1. Introduction: This chapter introduces the thesis's central focus: the impact of social media on luxury brands and the art market. It highlights the significant financial investments in digital platforms and the growing influence of social media influencers, while acknowledging the lack of consensus regarding social media's quantifiable effect on sales and prices. The chapter establishes the thesis's objectives: to quantitatively and qualitatively assess this influence and to offer industry recommendations.
4. Literature Review: This chapter reviews existing literature on the intersection of luxury/art and digital media. It examines the established influence of digital and social media on brand awareness and value, while noting the ongoing debate surrounding the degree of this influence on sales and prices. The review sets the stage for the thesis's mixed-methods approach, combining qualitative interviews with quantitative data analysis.
5. Interviews: This chapter details the qualitative component of the research, focusing on interviews with five international experts in luxury and art from various countries. These interviews provide insights into digital innovation in both industries, exploring topics such as market penetration, globalization, brand image, purchasing processes, post-purchase service, and risks. The information gathered from the interviews is used in conjunction with quantitative data to achieve a comprehensive understanding of the research question.
Schlüsselwörter (Keywords)
Digital innovation, luxury brands, fine art, social media, sales, auction prices, social media marketing, brand image, digitalization, globalization, emerging markets, quantitative analysis, qualitative research, mixed-methods, opinion leaders, information asymmetry.
Frequently Asked Questions: A Comprehensive Language Preview
What is the main topic of this research?
This research quantitatively and qualitatively investigates the measurable influence of social media interaction on the sales and prices of luxury brands and art. It aims to determine how this influence manifests and provide recommendations for both industries.
What are the key objectives of this study?
The study aims to assess the impact of social media on luxury brand and art sales, the correlation between social media engagement and auction prices, the role of digital media in altering purchasing processes, the emergence of new opinion leaders, and strategies for leveraging digital media in marketing and sales within these industries.
What methodology was used in this research?
The research employs a mixed-methods approach, combining qualitative interviews with quantitative data analysis. Qualitative data was gathered through interviews with international experts, while quantitative analysis focuses on the correlation between social media interaction and sales/prices.
Who was interviewed for the qualitative research?
The qualitative component involved interviews with five international experts in luxury and art from various countries. These interviews provided insights into digital innovation in both industries, covering topics like market penetration, globalization, brand image, purchasing processes, post-purchase service, and risks.
What are the key themes explored in this research?
Key themes include the impact of social media on sales, the correlation between social media engagement and auction prices, the alteration of purchasing processes by digital media, the role of new opinion leaders, and strategies for effective digital marketing in luxury and art.
What aspects of digital innovation are investigated?
The research explores digital innovation's impact on penetrating emerging markets, globalization, brand image in new media, alterations in the design and purchasing process, digital participation conversion, post-purchase service, and associated risks and development areas within both the luxury and art industries.
What is the structure of the research paper?
The paper includes an introduction, literature review, interviews with experts, quantitative analysis, a conclusion addressing the hypotheses, and recommendations for future research. The table of contents provides a detailed outline of each section and sub-section.
What are the key findings of the quantitative analysis?
The quantitative analysis includes a brand-centric analysis of social visibility, its influence on sales, a refocused visibility analysis, correlation between interactive digital media and sales, correlation between sales and social media, challenges to the findings, and concluding findings. Specific details of these findings are presented within the full text.
What are the limitations of this research?
The limitations of the research are discussed in the concluding chapter. These may include factors affecting the accuracy or generalizability of the findings.
What are the key recommendations for the future?
The research concludes with recommendations for future research and strategies for leveraging digital media in the luxury and art industries based on the findings.
What keywords are associated with this research?
Keywords include: Digital innovation, luxury brands, fine art, social media, sales, auction prices, social media marketing, brand image, digitalization, globalization, emerging markets, quantitative analysis, qualitative research, mixed-methods, opinion leaders, and information asymmetry.
- Quote paper
- Master of Science | HEC Paris Janna Schubert (Author), 2014, Digital Innovation in the Luxury and Fine Art Industry, Munich, GRIN Verlag, https://www.grin.com/document/294171
