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What's In A Diamond-Jewelry "Name"?
Do "Brand" names make a difference in the purchasing decision of consumers?
They do if the "Brand" stands for consistent quality over time.
In the world of Diamonds and Jewelry, The Luxury Institute of New York ranked leading jewelry brands based upon results from a high net-worth customer survey. The Institute's 2007 Luxury Brand Status Index (LBSI) survey of luxury jewelry, ultra-wealthy consumers rated Harry Winston the leading brand by a wide margin. Buccellati ranked second, slightly above third-place Cartier, among 20 luxury jewelry brands surveyed.
Brands rated, in alphabetical order, included: Asprey, Blue Nile, Boucheron, Buccellati, Bulgari, Carrera y Carrera, Cartier, Chanel, Chopard, David Yurman, De Beers LV, Dior, FRED, Graff, Gucci, Harry Winston, Mikimoto, Piaget, Tiffany, and Van Cleef and Arpels.
Milton Pedraza, CEO of the Luxury Institute, said they developed the brand reputation survey at the request of luxury CEOs to provide objective, independent tracking metrics that luxury executives can use to efficiently gauge where they and their competitors stand with wealthy and ultra-wealthy consumers. The Institute considers high net-worth consumers to be those who have a minimum household income of $200,000 and a net worth of $5 million.
"Many luxury brand market research teams use our surveys as a 'second independent opinion' versus their own internal surveys. This year's survey includes a new 'brand referral' metric, as well as 'next brand purchase intent' metrics to better understand the strength of each brand," Pedraza said.
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