October 28, 2014
NEW YORK, NY–(Marketwired – Oct 28, 2014) – Today, the New York-based Luxury Institute released findings from its 2015 Luxury Multichannel Engagement Index (LMEI) survey of large multi-brand retailers. Responders had a minimum annual income of $150,000, an average annual income of $318,000 and an average net worth of $3.1 million.
Wealthy consumers aged 21 and older rated and ranked both their online and in-store shopping experiences along 31 criteria. Compared to the 2014 survey, the selection of retailers was refined to thoroughly define the preferences of the multi-channel luxury consumer. Responders evaluated six luxury retailers — Barneys New York, Bergdorf Goodman, Bloomingdale’s, Neiman Marcus, Nordstrom and Saks Fifth Avenue — as well as online-only luxury specialist Net-A-Porter.
Nordstrom is the most popular luxury retailer with the highest incidence of customers spending in both online (26%) and offline (45%) channels. It also leads in the share of total fashion spend (17%). In aggregate, for the six multi-channel luxury retailers, wealthy consumers spend 61% offline and 39% online.
Bergdorf Goodman is the top-rated luxury retailer for in-store engagement with an in-store LMEI score of 8.17 out of 10. Ranking second for in-store engagement is Barneys New York (7.90), and Neiman Marcus (7.85) ranks third.
Saks.com ranks the highest for website engagement with an online LMEI score of 8.10. Saks.com achieved the top scores on 3 of the 16 website engagement criteria: the matching consumer perceptions of a luxury retailer, offering guided and personalized shopping experiences online, and featuring attractive and inspiring product displays.
Ranking narrowly behind Saks.com is Net-A-Porter (8.07), noted for its prices and personalized recommendations. Neimanmarcus.com (8.04) finishes third but is ranked highest on 5 of the 16 criteria of online customer experience.
“Wealthy consumers have come to expect a lot from luxury retailers both online and in stores,” says Luxury Institute CEO Milton Pedraza. “Not only do the goods that these retailers sell need to be of the finest quality, but they must also have top people, both online and offline, in place to deliver superior service and experiences.”