Milton Pedraza
Milton Pedraza
affordable among awareness brands brilliant feat found grail harry holy institute known luxury majority marketing niche requires rolls watches wealthy
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.
buy consumers looking online scholars-and-scholarship trusted
Wealthier consumers are online more than most other segments. And online you're always looking to buy from a trusted name.
accounts across brands category club consumers dimensions early few fragmented generating generic growing highly impression industry lack large low luxury measure minds names number quite rated reliable scores stages strong sufficient tight unable
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.
brand ceos customers experience luxury market perceives rate reputation target
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).