Luxury Institute Fashion Survey: Ferragamo is Best in Customer Experience with Wealthy Customers
According to the new Luxury Customer Experience Index survey (LCEI) from the New York-based Luxury Institute, wealthy customers voted Ferragamo the brand that delivers the best customer experience with top score of 84.
(PRWEB) January 12, 2006 -- According to the new Luxury Customer Experience Index survey (LCEI) from the New York-based Luxury Institute, wealthy customers voted Ferragamo the brand that delivers the best customer experience with top score of 84.
Wealthy customers rated 16 of the largest Luxury Fashion Designer brands based on their direct individual shopping experiences with each company. These included (alphabetical order): Armani, Burberry, Calvin Klein, Chanel, Christian Dior, Coach, Dolce & Gabbana, Ferragamo, Gucci, Hermes, Hugo Boss, Louis Vuitton, Polo Ralph Lauren, Prada, Versace, and Yves St. Laurent.
“Wealthy consumer ratings in this category are truly dynamic,” said Milton Pedraza, CEO of the Luxury Institute. “Ferragamo is the fashion designer with the strongest brand loyalty as measured by the critical customer retention index, and is the brand with customers most willing to provide recommendations and referrals. While Ferragamo is the top rated brand regardless of income or net worth, Louis Vuitton is the top rated brand among women, and Hermes is the top rated brand among wealthy consumers in the age group 50 and above, and the brand deemed most worthy of a price premium”, said Pedraza.
Coach is the strongest fashion brand among the more mass-oriented luxury brands that are still purchased by wealthy consumers. A designer’s effectiveness in meeting the needs of wealthy customers, and the trustworthiness of the people representing the brand, are the two experience drivers with strongest correlations to price-worthiness, retention or referrals.
“This sends a clear message to the fashion industry that, in luxury, great products are expected, but great customer experience depends on the people you hire and how you train them to interact with customers on an on-going basis. To wealthy consumers, trust is almost as important in this category as it is in a category such as wealth management,” Pedraza said.
The new survey, the Luxury Customer Experience Index (LCEI), delivers a set of measures and indices that capture the critical drivers for Customer Experience, as rated by each brand’s own customers, and goes far beyond traditional customer satisfaction measures. The LCEI delivers a critical set of metrics based on the four “pillars” of a Customer’s Experience including: Experience Drivers, Price Worthiness, Customer Retention and Customer Referral for each brand in a category. The Experience Drivers section includes metrics of the brand’s effectiveness, brand attitude, brand environment, and the brand’s problem resolution index.
As the trusted and respected Voice of the Wealthy Consumer, the Luxury Institute is the pioneer in developing objective and independent customer-centric performance metrics for the luxury goods and services industry. The new Luxury Customer Experience Index survey (LCEI) complements the Luxury Institute’s brand reputation survey (Luxury Brand Status Index survey, or LBSI). The new LCEI is the result of requests from luxury CEOs to deliver to them an objective and independent set of customer experience results with benchmarking data for the luxury industry. For the LCEI, the Luxury Institute surveyed a nationally representative valid and reliable statistical sample of more than 2,100 households with a minimum of $200,000 in gross annual income and minimum net worth of $750,000 (including home equity).
About the Luxury Institute
The Luxury Institute is the uniquely independent and objective research institution that focuses solely on the top 10 percent of America’s wealthy. The Institute provides a portfolio of proprietary publications and research that guide and educate high net-worth individuals and the companies that cater to them on leading edge trends, wealthy consumer rankings and ratings of luxury brands, and best practices. Publications include the monthly Wealth Report, the Luxury Brand Status Index surveys, the Luxury Best Practices surveys and the Luxury Consumer Experience Index surveys. To reach the Luxury institute, please call 646-792-2669 or go to www.luxuryinstitute.com.
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