In terms of where that money might go, half of the respondents said that people and/or agencies was the top area to which they devoted their social media budgets last year. Following that in budget allocation were: advertising; experiences and/or content production; social commerce; and social management software.
Increased spending on social media will be with the primary purpose of driving brand engagement and loyalty, which 48% of respondents say is their top goal for their social media efforts. Next up, 30% say their first goal is acquiring new customers, followed by driving sales, driving product discovery, and generating customer insight.
About the Data: The survey was distributed before the October, 2012 Luxury Interactive conference and also onsite at the conference in New York City. More than 130 marketing executives from luxury brands completed the survey, which asked questions about what digital areas they were spending on, which aspects of social media were working for them, what their spend plans for 2013 were, and more.