RAPAPORT... Rolex, Cartier and Tiffany & Co. have captured the top three
spots in the luxury category when it comes to the emotional connection
customers have with a brand, according to a study of “brand intimacy.”
The three jewelry brands ranked ahead of Chanel, Jaguar, Louis Vuitton and
Gucci, as well as the other fashion and automotive brands which rounded out the luxury segment’s top 10. Rolex rose to first place from its third spot in the category last year, while Cartier moved from fourth to second and
Tiffany rose from seventh to third place, brand-intimacy agency MBLM noted.
Tiffany was the top-performing luxury brand among those
surveyed when it came to indulgence, which is related to moments of pampering
and gratification, and also scored number one as the brand with the strongest
emotional connection to consumers with incomes under $100,000.
Meanwhile, Rolex was most popular with consumers earning
more than $100,000, as well as men, and those over the age of 35, MBLM added.
Chanel was the top brand in the segment among women, while Gucci was the lead
choice for millennials.
However, the luxury segment scored an average “brand-intimacy quotient” of 18.7, well below the cross-industry average of 31, and ranked 14th out of the 15 categories MBLM studied — down from the 13th spot in 2018.
“Luxury fell in our 2019 rankings, which continues to be a surprising finding because of the prestige and value of these time-honored brands,” MBLM managing partner Mario Natarelli said last week. “We believe that the brands in this industry will strongly benefit from shifting their focus, and appealing to consumers’ emotions more.”
However, many consumers remain loyal to the luxury brands to which they feel connected, MBLM explained. People who continue to have an emotional bond to a brand see them as an important part of their life, will use them more frequently, and are willing to pay more for them, the company noted.
MBLM, which conducted the study together with Praxis Research,
surveyed 6,200 consumers based in the US, Mexico and the UAE, between the ages
of 18 and 64, with an annual household income of $35,000 or more. Answers were
collected in 15 industry segments, including media and entertainment, which
took the top spot, technology and telecommunications, consumer goods, fast food
and travel.
Image: A man wearing a Rolex watch. (Shutterstock)
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