By IC, Feb 21 2020 09:00AM
Fake news, hacking incidents, privacy invasions and mounting negative media coverage of social media brands such as Facebook who have put users at risk, have caused affluent consumers to re-assess their interaction with and frequency of use of these platforms. Since their own security and the way that they manage their own curated online presence is of utmost importance, loss of control within the social media sphere is unforgiveable for many.
Parents are now more aware of the anxieties of children that come from wealthy families and the effect of peer pressure and bullying through social media resulting in reducing the time spent on social media and the associated risk of exposure to unwanted negative influence. With greater emphasis on educating their children on the downside of self-publicity, many are growing up with a different mindset on the use of social media sites.
According to The Luxury Institute, "One in five affluent consumers are reportedly actively discouraging friends, family or other people they care about away from these channels." The report predicts "consumers will continue to abandon, or curtail participation, in the most egregious social media sites in 2019. Expect the savviest luxury advertisers to follow suit."