Tiffany, Michael Kors are most purchased luxury brands by ultra-affluent women: Luxury Institute
By Erin Shea
July 1, 2013
Tiffany diamond ring
Jeweler Tiffany & Co. and U.S. label Michael Kors are the most widely purchased jewelry and fashion brands by ultra-affluent women in the United States, according to a new survey from The Luxury Institute.
This new data found that many of the brands that ultra-affluent men and women are purchasing are the brands with whom they have good relationships. Although male consumers do not build strong relationships with salespeople like their female counterparts, luxury retailers should not ignore their male customers.
“Luxury brands have a huge opportunity to cultivate relationships with affluent men,” said Meera Raja, director of The Luxury Institute, New York.
“Although some brands have opened dedicated men’s stores and others are expanding their product offerings, building long-term relationships with this new breed of luxury spenders should be a major focus,” she said.
The Luxury Institute surveyed ultra-wealthy U.S. consumers with a minimum net worth of $5 million about luxury brands that they buy and the relationship they have with luxury sales professionals.
The survey found that the top three most widely purchased jewelry brands by ultra-affluent women are Tiffany, David Yurman and Cartier.
These brands are also the top three jewelers where ultra-affluent women said they have a preferred salesperson.
For fashion brands, Michael Kors takes 36 percent of the market share of ultra-affluent women’s luxury fashion brand purchases.
Michael Kors spring/summer 2013
Other top ranked brands are Prada, Burberry, Louis Vuitton, Chanel, Gucci and Marc Jacobs.
Furthermore, Ralph Lauren and Brooks Brothers have the largest market share in ultra-affluent men’s luxury fashion purchases.