New WeChat report suggests slowed growth for luxury brands
Geneva-headquartered marketing agency Digital Luxury Group and China-based marketing automation platform Jing Digital recently released a joint WeChat luxury index report for 2021.
As of this March, social messaging application WeChat had more than 1.225 billion monthly active users.
Based on non-public data collected between January and December 2020, which was then compared against previous editions of the luxury index, a key takeaway was that larger WeChat accounts (those with more than 100,000 followers) appear to be facing a general slowdown in terms of growth since 2018, the report said. This could be down to market saturation, particularly as more brands have leveraged a WeChat strategy in light of covid-related lockdowns, restrictions and store closures in other global markets.
