These days, when it seems that everyone wants the latest trends at the best price, many people are turning to crowdfunding platforms to stay ahead of the crowd.
This is no different with the Luxury Market. Many of the latest luxury products are being placed directly onto crowdfunding platforms such as Kickstarter, rather than being sent to specialist retail stores. Premium watches, innovative phones, and all kinds of premium clothing are just some of the luxury products that have been made a reality through crowdfunding.
I’ve heard of crowdfunding, but what is it?
Crowdfunding in a nutshell is way for businesses to raise funds. This is done so by a large number of people pledging money towards one idea. Usually a target is set to show how much needs to be raised for the idea, for it to become a reality (this can be a product or service).
There are many different ways to use crowdfunding to raise funds. The method used for luxury products tend to be reward-based. This is where backers offer something as a reward for pledging certain amounts of money, such as custom editions and early releases of the projects or special experiences in exchange for their pledges.
Why are luxury products suited to crowdfunding?
Luxury buyers share a lot of the characteristics of crowdfunding platform users. Crowdfunding backers are early adopters and consider themselves to be trendsetters; they want to be first; to have something unique. Luxury products offer the same feeling of exclusivity.
Crowdfunding allows backers to obtain products early, or by having exclusive versions only available during the campaign. Having this connection makes luxury products a perfect match for crowdfunding.
Watches as an accessory are well established on the crowdfunding platforms. The Pebble Time smartwatch still holds the record for highest funds raised, with its 2016 Kickstarter campaign, having raised $20,338,986.
Earlier this year LIV Watches became the most crowdfunded Swiss watch start-up in Kickstarter and crowdfunding history, when it launched the Genesis X1 Automatic watch. They reached their goal of $30,000 in just 34 minutes and went on to generate more than $1.1 million from over 2,100 backers.
With a quick search of the Kickstarter platform, backers can also find a selection of luxury sunglasses, wallets, shoes, and bags and even a Luxury Men’s Accessory Subscription Service.
Currently live on Kickstarter is luxury glasses case Ayres & Co. Constructed from aircraft grade aluminium with a customisable TPE rubber lining, Ayres & Co. is inspired by a vintage 1960’s spectacles case. Learn more about their story in the blog An iconic aeroplane, a WWI veteran and a pair of specs: The story of Ayres & Co
Early backers of the Ayres and Co. glasses case will receive their case before anyone else, and at a discounted price, click here to view their Kickstarter page.