Tiffany & Co is the top luxury brand in the United States, according to a recent consumer survey.
Market Research Agency Kadence International recently surveyed 5,775 consumers in 13 markets to find out what motivates the idea of luxury in different parts of the world.
The results ranked 98 brands according to a luxury index calculated using eight elements: product quality, product distinctiveness, brand history, long-term appeal, status, exclusivity, feeling of well-being and experience.
In the United States, Tiffany & Co ranked number one in the luxury brand rankings with a score of 166.4.
The publication of this ranking coincides with the effort of the jeweler, who has existed for 180 years, to reinvigorate its image with the next generation of consumers – launching new product lines and marketing campaigns – but also with initiatives to offer a greater and refined experience, whether online or in its shops.
The effort seems to be working since, according to its latest financial report, the first quarter’s compounded figures were up 9% in the Americas.
Among the first to top the luxury rankings were Harry Winston in fourth and Cartier in sixth.
On the international level, Cartier, another jewelery brand, is also at the top of the ranking. Tiffany & Co falls in sixth position, Rolex is number eight and Bvlgari number ten.
In addition to its brand rankings, Kadence has also highlighted several interesting aspects of consumers’ beliefs about luxury, thanks to the eight elements indicated.
According to the study, it is the quality of products and the history of the brand in terms of products or services that are the two most important factors when it comes to assessing luxury. Kadence added that, of the 13 regions, US consumers are the least likely to rate a brand on its distinctiveness.
It is interesting to note another point, put forward by the study: the ‘experience‘ component, a very recent trend, has little influence on the idea of what luxury is at the international level.
Exclusivity has also been the least important factor in the luxury market.
The study showed that, regardless of the market, brands that are known to use materials of the highest quality and workers or services that go beyond expectations get a higher luxury rating, like those who have a strong history in terms of quality, associated with an old brand.
What has the least impact on a brand’s position in the luxury rankings, regardless of region or category, is the high price or scarcity of the brand.
Some people think luxury is the opposite of poverty. It is not. It is the opposite of vulgarity.