Luxury Brands Are Failing to Deliver On Fundamentals of Luxury at a Critical Time For The Industry
A new study published by the Luxury Institute documents the current “State of the Luxury Industry”. A sample of 500+, high net-worth consumers finds:
Superior quality (82%), superior craftsmanship (78%) and superior customer service (60%) are the top three requirements of a luxury brand.
64% of wealthy consumers believe luxury goods prices are too high relative to the value they deliver.
62% of wealthy consumers say that the current state of the economy has changed their view of the luxury industry.
Luxury leaders need to start innovating again on quality, craftsmanship and, especially, customer service.
Overview:WealthSurvey: The State of the Economy and Luxury Trends-2009 examines the state of the industry and the economy (brand perceptions, definition of luxury), plus luxury branding and purchase channels (attitudes about purchasing and influencers). Published March 2009, 99 pages, PDF format.
About the Luxury Institute - The Voice of The High Net-Worth Consumer
The Luxury Institute is the uniquely impartial, independent and objective ratings and research organization that is the global voice of the high net-worth consumer.
Our knowledge-based products deliver actionable insights to luxury goods and services firms that continuously seek to create extraordinary customer experiences for their customers. Our proprietary research is based solely on responses from wealthy consumers as to their needs, wants, ratings, reviews and expectations. Our innovative surveys, conducted with independent panels, and tabulated by independent analysts, bring the voice of the high net-worth consumer to life, enabling us to bring the highest level of conflict-free primary research, insights, and knowledge to our constituents.
