NEW YORK: Luxury brands need to put more emphasis on social media and its quickly evolving platforms to engage future consumers in the Millennial demographic, according to Abrams Research.

The social media agency's 2012-2013 Luxury Guide reports that consumers who connect with a brand on social media spend 20% to 40% more money than those who don't. It also states that young, affluent consumers care more about a brand's narrative than its price tags.

“Luxury brands are in a sometimes ...