Social media is a major concentration of luxury brands. One specific target audience is a desired attraction because of their lifestyle. Luxury brands are very interested in connecting with young and wealthy individuals using social media networking. Which one savvy New York start up is focused on leveraging the gap for luxury brands to engage the young and wealthy specific target audience.
Just launched two weeks ago Merchant Exchange, a small but quickly growing luxury rewards network, targets a group that co-founder Michael Tolkin refers to as “wealthy millennials”—people aged 25 to 35 who spend between $30,000 and $40,000 annually.
As more luxury brands continue to engage social commerce we can expect to see more luxury focused social media sites and portals.