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Luxury Institute: Wealthiest U.S. Women Like Tiffany, Cartier, Yurman, and Getting A Thank-You Note August 21, 2013 (0 comments)
New York, NY—The Luxury Institute recently surveyed ultra-wealthy U.S. consumers (minimum net worth of $5 million) about the luxury brands they buy and the relationships they have with luxury sales professionals. The survey found Tiffany & Co. is the major jewelry brand most widely purchased by ultra-wealthy women, followed by David Yurman and Cartier. These three leaders in market share are also the top three jewelers where ultra-wealthy women have a preferred salesperson. The survey did not sample for independent retailers, only major brands, said Luxury Institute CEO Milton Pedrazza. But the insights gained about relationship building apply to all luxury retailers, he told The Centurion.
In total, 17% of female respondents to the survey indicated they have a relationship with a preferred jewelry salesperson. That figure remained steady for ultra-affluent consumers under age 65; it dropped slightly to 14% for those over age 65. The figure was highest (20%) for those women whose net worth fell between $5 and $10 million; it dropped to only 10% for those whose net worth tops $10 million.
In the women’s fashion and accessories category, designer Michael Kors holds a commanding 36% market share, followed distantly by Prada, Burberry, Louis Vuitton, Chanel, Gucci, and Marc Jacobs, but those seven brands vary widely in their ability to build relationships with ultra-wealthy women. Prada leads; Marc Jacobs falls far behind.
Among penta-millionaire men, Ralph Lauren and Brooks Brothers hold the largest market share in the men’s fashion and accessories category. Overall, ultra-wealthy men are less likely than women to build relationships with salespeople.
Pentamillionaire men and women both agree that the top ways salespeople build lasting relationships are by making them feel comfortable, communicating honestly, earning their trust, and recognizing them on store visits. More than half of ultra-wealthy women who purchase from both jewelry and fashion brands say they appreciate handwritten thank you notes.
"Relationship selling is not something exclusive to markets like high-end automobiles, real estate and wealth management services,” says Pedraza. "Even in luxury jewelry and fashion, relationships cultivated by trust and an understanding of customer preferences can help boost both the frequency and size of sales."
Top image: about.com