Rich People’s Favorite Brands: Versace, Brioni and Hermes
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The Luxury Institute in New York has recently conducted a survey, asking wealthy men and women to assess several luxury shoe and fashion designers based on a few categories including exclusivity, status enhancement, worthiness of a significant price premium, the respondents’ willingness to recommend the brand to friends and family and the likelihood of “coming back for more”.
All participants at the survey were selected from households earning at least $150,000 per year and with an average net worth of 2.4 million. Here are the top brands based on the institute’s Luxury Brand Status Index scores (1-10).
As the table shows, Versace ranked first in the women’s footwear category, Brioni is the favorite in the Men’s wear section and Hermes is the first choice for most customers when it comes to women’s fashion.
Another interesting thing that the survey revealed was the fact that “With size, you can survive and thrive during a recession. What I would emphasize is that the biggest and best (luxury brands) got stronger during the recession” (Milton Pedraza, CEO of the Luxury Institute). So size does matter after all!