What's Happening?
Chase Sapphire Reserve has launched a new advertising campaign featuring model and entrepreneur Hailey Bieber. The campaign aims to attract a younger audience to the premium credit card, which is set to see its annual fee increase from $550 to $795. Hailey Bieber, known for her skincare and beauty brand Rhode, is chosen as the face of the campaign due to her strong connection with Gen Z and younger millennials. The campaign, which highlights themes of luxury, travel, and Hollywood glamour, is created in-house and shot by fashion photographer David Sims. This initiative is part of Chase's broader strategy to engage with audiences through entertainment and pop culture, following previous campaigns featuring celebrities like Claudia Schiffer, Ben Stiller, and Ella Langley.
Why It's Important?
The collaboration with Hailey Bieber is significant for Chase Sapphire Reserve as it seeks to maintain and grow its customer base amid a substantial increase in the card's annual fee. By leveraging Bieber's influence among younger demographics, Chase aims to position the Sapphire Reserve card as a desirable product for those who value luxury and travel. This move reflects a broader trend in the financial industry where brands are increasingly turning to celebrity endorsements to enhance their appeal and reach. The campaign's success could influence how other financial institutions approach marketing strategies, particularly in targeting younger consumers who are becoming a crucial market segment.
What's Next?
Chase Sapphire Reserve's campaign with Hailey Bieber is expected to run across various platforms, including out-of-home and social media channels. The financial brand has not disclosed the media spend for this campaign, but it is described as one of their most significant marketing efforts to date. The outcome of this campaign could determine future marketing strategies for Chase and potentially lead to more collaborations with high-profile celebrities. Additionally, the response from the target audience will be crucial in assessing the effectiveness of using celebrity endorsements to mitigate the impact of increased fees.
