(NEW YORK) May 14, 2009 – The Luxury Institute reported today the results of the “Best of the Best” Luxury Retailer Brands and announced that Bergdorf Goodman is the most prestigious luxury retailer in the 2009 Luxury Brand Status Index (LBSI) survey, which identifies the top brands that deliver true luxury based solely on the unbiased ratings of wealthy consumers.
The LBSI asks high net-worth consumers to rate luxury brands by category across four equally weighted components: Consistently Superior Quality, Uniqueness and Exclusivity, Making the Customer Feel Special across the entire experience and Being Consumed by People Who Are Admired and Respected.
Which luxury retailers deliver the best combination of quality, exclusivity, customer experience and peer prestige? High net-worth consumers rated Bergdorf Goodman, Neiman Marcus and Nordstrom the “Best of the Best” among eight brands that were rated.
The “Best of the Best” are: (LBSI score out of 10)
- Luxury Retailers
- o Bergdorf Goodman-7.62
- o Neiman Marcus-7.54
- o Nordstrom-7.51
“While many in luxury continue to stick to their static, Victorian business models, a courageous few are seeking out the voice of their high net-worth customers to ensure that the innovations they undertake in enhancing the customer experience are relevant and increase sales and profits,” said Milton Pedraza, CEO of the Luxury Institute. “The days of fearing and ridiculing quantitative and qualitative customer feedback in luxury boardrooms are coming to an end. Luxury executives who embrace creativity and innovation, combined with understanding the total customer experience have begun to take quick and decisive action, dramatically enhancing business results.
The proprietary Luxury Brand Status Index (LBSI) survey is the only unbiased measure of the prestige of leading brands among wealthy Americans. A national sample of 1,208 wealthy American consumers, with an average income of $345,000 and average net worth of $3.2 million, was surveyed online. Survey results are weighted to match demographic and net-worth profiles of the same audience, according to the latest Survey of Consumer Finances from The Federal Reserve.
About the Luxury Institute (www.LuxuryInstitute.com)
The Luxury Institute is the uniquely independent and impartial ratings and research institution that is the trusted and respected voice of the high net-worth consumer. The Institute provides a portfolio of proprietary publications and research and consulting services that guides and educates high net-worth individuals and the companies that cater to them on leading edge trends, high net-worth consumer rankings and ratings of luxury brands, and best practices. The Luxury Institute also operates the LuxuryBoard.com (www.LuxuryBoard.com), the world’s first global, membership-based online community for luxury goods and services executives, professionals and entrepreneurs.
For Further Information, Please Contact:
The Luxury Institute, LLC
Phone: (914) 909-6350