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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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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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).
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Lexus won by a wide margin, achieving a rating of 88 versus 83 for Porsche and 82 for Acura. Lexus customers rated it the most worthy of a price premium by a five-point margin. Lexus also posted the highest ratings in the critical Customer Retention and Customer Referral indices.
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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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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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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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Ritz-Carlton had the highest number of wealthy consumers reporting stays in the past 18 months (26.9%), with Four Seasons second (21.6 %). However, Mandarin Oriental, with only 5.1% reported stays, received the highest Customer Experience Index score, 89, edging out Ritz-Carlton and Four Seasons, both at 87.
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Exclusivity and uniqueness are most critical to wealthy consumers. Having too many stores can take away from exclusivity.
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They love to talk about all the complications. The complications are a great marketing device, each new complication gives them a reason to believe they have to buy another watch.
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The Consumer Audio brands category has scores of brands vying for wealthy households. Many of the wealthy are audiophiles who only buy top-of-the-line, yet most also acquire well-known audio brands. We mapped the entire category by brand reputation using the voice of wealthy consumers to gain an understanding of awareness, and the perceived differences among the world's leading audio brands. Brand reputation with the target market has been rated by executives as one of the most critical metrics a brand can measure over time; and there is no consumer more likely to buy more in volume and value than America's wealthy consumer. These are your best prospects and customers.