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MajorsJun 14, 2018
Tiffany & Co. Tops Luxury Ranking List Among US Consumers
Also listed among the top are Harry Winston and Cartier, according to a recent survey done by Kadence International.
Tiffany & Co. is ranked as the top luxury brand among U.S. consumers, according to a recent survey done by Kadence International. Seen here is a piece from the jeweler’s new “Paper Flowers” collection.
London--Tiffany & Co. is the top luxury brand in the United States, according to a recent study among consumers.
Research agency Kadence International recently interviewed 5,775 consumers across 13 markets to figure out what drives perceptions of luxury in different areas of the world.
The results ranked 98 luxury brands according to a Luxury Index calculated using eight principle components--product quality, product distinctiveness, brand heritage, enduring appeal, status, exclusivity, feel-good factor and experience. Scores above 105 were considered “distinctively strong,” those between 101 and 104 were “strong,” 100 scores were “average,” between 96 and 99 was “weak” and less than 95 was “distinctively weak.”
In the United States, Tiffany & Co. was No. 1 in luxury brand rankings, with an index score of 166.4.
The timing of the ranking coincides with the 180-year-old jeweler working to revamp its image among the next generation of consumers with the introduction of fresh product lines and marketing campaigns, and the refinement of its in-store and online experience.
It seems to be working, since Q1 comps were up 9 percent in the Americas, according to its latest financial reporting.
Also landing at the top of the luxury rankings list was Harry Winston at No. 4 and Cartier at No. 6.
Globally, another jewelry brand also sits at the top of the list: Cartier. Tiffany & Co. falls at No. 6 on that one, Rolex at No. 8 and Bulgari at No. 10.
In addition to its brand rankings, Kadence also discovered a number of interesting points about consumer perception in measuring luxury through the aforementioned eight components.
According to the study, product quality and the brand heritage of products or services are the two most important drivers when it comes to consumer perception of luxury. Kadence added that out of all 13 regions, the U.S. is the least likely to judge a brand on distinctiveness.
Interestingly, the study also found that the experiential element, a recent key trend, does little to drive the perception of luxury on a global level.
Exclusivity, meanwhile, was the least important driver in the luxury market.
The study found that, regardless of industry, brands that are known for using the highest quality materials and craftsmanship or service that goes beyond expectations receive a stronger luxury score, as do those that have a proven record of quality combined with an established historical brand story.
What has less
of an impact on a brand’s luxury position across regions and categories is a higher price point or rarity of the brand.
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