Based on the case below, write down the promotion strategy that Lux To Go needs to follow

Lux To Go

1. Summary

A luxury brand is often synonymous with high quality, higher price and better quality. But what happens when a luxury brand closes its doors and becomes a rental company? This has led to a new breed of luxury brand experience that caters to the masses, providing a similar experience to a visit to the brand's flagship location without the hefty price tag. When you need something fast but want to feel like you left your home intact, a luxury brand rental may be your best option. Instead of sacrificing the comfort and quality of your original asset, you can enjoy the same feel while saving money and time. The luxury rental industry is booming. From the world-renowned brands to the next-generation niche brands, there is a rental for any and every need. In a world where traditional advertising is becoming increasingly expensive, rental companies can provide an easy, low-cost option for brands to reach new audiences. Instead of investing large amounts of money in traditional advertising, brands are turning to rental companies to help build their brand and generate new leads. This has opened a new revenue stream for rental companies, who can build their client list by providing these brands with short-term advertising solutions. Many companies today offer luxury brand rental services to help companies present their brands in an appealing way. These services can be used to create a sense of luxury in a space, enhance the reputation of a company, and build a sense of occasion. With Lux To Go, we will offer our customers a variety of services, such as providing designer clothing, footwear & accessories. Along with this, we will strategize to penetrate the market while still effectively competing with our rival companies.

1. About Lux to go

Lux to go is a rental store that offers luxury products at an affordable price, for individuals who are interested in luxury items but are not able or willing to buy them. We offer our customers the experience of utilizing designer brands items for a limited time. The items available to rent vary from apparel, footwear, and accessories, such as purses, watches, and necklaces.

1. Market Analysis and Market Growth

Globally the Luxury Fashion market accounted for US$106.2 billion in 2019 (Statista). The revenue is expected to increase at a CAGR of 4.3% until 2025 (Statista). According to a Canadian report, the retail value sales associated with the Luxury apparel and footwear increased by 16% in 2021 in Canada, reaching CAD3.0 billion (Euromonitor).

3.5 2.9 2.5 2.36 2.42 2.26 2.14 2 66 Sales in billion Canadian dollars 1.5 0.5 2020 2021 2022 2023 2024 Details: Canada; Trendex North America; 2020 Statista 2022SR. NO BUDGET CATEGORY TOTAL BUDGET OF $750,000 % OF BUDGET Online & Social Media Advertising - Paid Ads Facebook: $1/day $55,000 7.33% Instagram: $1/day $40,000 5.33% LinkedIn: $10/day $45,000 6% Pinterest: $0.10/click $30,000 4% Twitter: No Minimum $15,000 2% YouTube: $10/day* $90,000 12% SnapChat: $5/day $40,000 5.33% TikTok: $20/day $95,000 12.67% Print Banners & Billboards $90,000 12% Content Creation $75,000 10% Promotion & Contest $60,000 8% Creative/Design Software $75,000 10% Social Media Training/Staff Development $35,000 4.67% Total Expense $745,000 99.33%