NEW YORK, NY -- (MARKET WIRE) -- 05/08/07 -- The Luxury Handbags category is one of the
broadest and most profitable categories for luxury fashion brands. But,
which brands are most competitive in critical metrics such as unaided
mindshare, purchase consideration, market share, most recent purchases and
strongest future purchase considerations, as reported by wealthy consumers?
According to the New York City-based Luxury Institute's Luxury Brand Market
Analysis (LBMA) for Luxury Handbags, Coach has the largest mindshare among
wealthy consumers; 52% said they are familiar with the Coach brand.
However, as income increases, awareness of Gucci handbags increases, and
for wealthy consumers with incomes over $300,000 Gucci's (34%) almost
equals Coach (38%). With regard to market share (the share of wealthy
consumers who bought each specific luxury brand in the past 12 months),
Coach leads at 29%, but many brands compete heavily for the rest of the
pie. Details for each brand, and other critical data, are now available in
this survey, as are additional insights related to attributes of choosing a
handbag and men vs. women handbag shopping behavior.
"The luxury handbag is the accessory that defines the wealthy woman and is
a major profit driver for Luxury fashion Brands," said Milton Pedraza, CEO,
the Luxury Institute. "Yet, little independent and reliable data from the
voice of the wealthy consumer has been available until now. Our impartial,
syndicated surveys are designed to facilitate a dialogue between wealthy
consumers and brands that serve them, and to provide the critical metrics
for luxury brands at a fraction of the cost of doing it themselves. Our
experience and credibility in surveying wealthy consumers allows us to pass
our economies of scale to luxury brands."
Brands covered based strictly on unaided mentions (alphabetically):
Brighton, Burberry, Chanel, Coach, Dior, Dooney & Bourke, Fendi, Fossil,
Gucci, Hermes, Kate Spade, Liz Claiborne, Louis Vuitton, Marc Jacobs,
Michael Kors, Prada, Ralph Lauren, and Stone Mountain.
The summary results of this survey, and scores of surveys conducted with
the wealthy, are available to members of the Luxury Board
(www.luxuryboard.com), the world's first online community for luxury
professionals, executives, and entrepreneurs.
A national sample of 1,500 wealthy American consumers, with an average
income of $308K and average net worth of $3.1 million, was surveyed online.
Results are weighted to match demographic and net worth profiles of the
same audience according to the latest Survey of Consumer Finances from The
Federal Reserve.
About the Luxury Institute
The Luxury Institute is the uniquely independent and impartial ratings and
research institution that is the trusted and respected voice of the high
net-worth consumer. The Institute provides a portfolio of proprietary
publications and research that guides and educates high net-worth
individuals and the companies that cater to them on leading edge trends,
high net-worth consumer rankings and ratings of luxury brands, and best
practices. The Luxury Institute also operates the Luxury Board
(www.luxuryboard.com), the world's first global, membership-based online
community for luxury goods and services executives, professionals and
entrepreneurs. To reach the Luxury Institute, please call 646-792-2669 or
go to www.luxuryinstitute.com.
Contact:
Martin Swanson
Vice President, Business Development
The Luxury Institute
(office) 914-909-6350
(cell) 914-715-3357 Email Contact www.luxuryinstitute.com
About Aaron Reed Aaron Reed is an assistant professor specializing in software architecture and design and .NET development at Neumont University in Salt Lake City, UT. He has worked professionally in the industry for over 12 years as a lead architect/designer, development manager, and VP of development. When he isn't spending time reading up on the latest in software development, Aaron loves spending time with his beautiful wife and three children.
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