(NEW YORK) June 5, 2012 — U.S. shoppers earning at least $200,000 per year with minimum net worth of $5 million rank Breguet highest among 27 luxury watch brands in the 2012 Luxury Brand Status Index (LBSI) survey conducted by the independent and objective New York-based Luxury Institute. LBSI scores comprise respondents’ evaluations of each brand’s products, customer service experience and reputation.
With the top overall LBSI score of 8.13 out of 10, Breguet ranks first for superior product design, customer service experience and brand reputation. Creating time pieces since 1775 and now part of Swatch Group, Breguet is also identified by the ultra-wealthy as a brand “purchased by people I admire and respect.” It also ranks highest as the brand wealthy consumers are most likely to purchase (75%) when buying their next luxury watch.
Rolex, with a 7.96 LBSI score, ranks a close fourth for overall brand status behind fellow Swiss watchmaker Patek Philippe (8.05), and Paris-based Boucheron (7.99). Rolex is by far the brand most purchased (9%) by pentamillionaires in the past year, 4% have bought a Patek Philippe, 2% have purchased a Breguet and 2% have bought a Boucheron. In addition, 52% of wealthy shoppers are familiar with Rolex making it the best-known luxury watch brand.
“Fine materials and workmanship are absolutely essential for luxury watchmakers, but those at the top of the rankings differentiate themselves with excellent service and a superior customer experience,” says Luxury Institute CEO Milton Pedraza. “Consistent execution on all of these criteria builds brand value.”
Survey participants reported average income of $682,000 and average net worth of $14.6 million.
About Luxury Institute (www.LuxuryInstitute.com)
The Luxury Institute is the objective and independent global voice of the high net-worth consumer. The Institute conducts extensive and actionable research with wealthy consumers about their behaviors and attitudes on customer experience best practices. In addition, we work closely with top-tier luxury brands to successfully transform their organizational cultures into more profitable customer-centric enterprises. Our Luxury CRM Culture consulting process leverages our fact-based research and enables luxury brands to dramatically Outbehave as well as Outperform their competition. The Luxury Institute also operates LuxuryBoard.com, a membership-based online research portal, and the Luxury CRM Association, a membership organization dedicated to building customer-centric luxury enterprises.