Milton Pedraza
Milton Pedraza
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I think it's just a pendulum swinging back to the classics, and Disney is a true American and global classic. To the extent they license to other luxury brands they can be successful. Disney alone would not be as powerful.
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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).
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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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According to our survey of wealthy consumers, the Luxury Hotel industry is the category that delivers the best product, the best customer service, and is the innovative and most trusted of any luxury category. To be perceived by the discerning wealthy as the most prestigious brand in the most competitive of luxury categories a brand must earn its stripes continuously.
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Even if they aren't cooking or using the products very often, very wealthy people want to have the top-of-the-line of everything. It is a symbol of their status and a reward for their hard work.
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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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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.