Milton Pedraza
Milton Pedraza
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We set out to measure 25 brands in this growing hospitality category. However, in the minds of ultra-wealthy consumers, the Destination Club industry is still in its early stages of development. This is indicated by the dramatically low consumers awareness, rendering a large number of brands unable to be rated for lack of a reliable statistical sample. The category is populated with new brands with highly generic brand names. Many names are quite similar, generating a significant lack of differentiation in the minds of consumers. In this highly fragmented category, few brands have generated sufficient awareness, or differentiation, to make a strong impression on the wealthy. This accounts for the tight variances in scores across most dimensions on luxury status.
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Wealthier consumers are online more than most other segments. And online you're always looking to buy from a trusted name.
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Luxury Institute researchers found most luxury brands in the writing instruments category, as in the luxury watches category, to be niche brands, with 1% to 4% awareness among the wealthy, and in many cases, known only to connoisseurs. Still, the holy grail of a luxury brand is a Harry Winston, or a Rolls Royce, brands that are known to the majority of wealthy consumers, but are affordable by only a few. That feat requires brilliant products, and even more brilliant marketing skills.
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Luxury CEOs need to know how the target market perceives their brand's reputation and that of their competitors' (LBSI), and how customers rate their brand experience and competitors' experiences (LCEI).