Luxury brands have been under some pressure since the 2008 economic slowdown, yet there is enduring value in acquiring assets under particular brand names that appear on the top list with regular frequency.
Brandwatch, a group that provides analytics for the global luxury industry, recently published their annual list of the top luxury brands, and it offers a few surprises. This year, they scored 34 brands in the categories of social visibility, general visibility, net sentiment, reach growth and engagement/content; summing the scores to determine the overall brand reputation. By the end of the process, French fashion label Chanel edged out Louis Vuitton as the most reputable brand.
Social visibility measures a brand’s presence across social media channels, while general visibility refers to conversations generated in news outlets, blogs, and forums. Chanel recorded a perfect 100 in both general visibility and reach growth, with Gucci following in general visibility at 93 and Burberry scoring an impressive 99 on reach growth. Chanel’s 91 in social visibility was good for third, behind Dior’s 97 and Louis Vuitton’s perfect score. Rounding out the top 10 were Cartier, Tiffany & Co., Versace, Christian Louboutin, Prada, Michael Kors, and Ted Baker. (Statistics provided by www.luxuryinstitute.com)
Earlier this year, though, a different group, the Luxury Institute, showed research pointing to the fact that the popularity of a widely bought brand does not always sync with the consumer’s perception of its value and credentials. They surveyed affluent women from seven of the world’s wealthiest nations to gain insights on which brands hold the most clout regarding quality, exclusivity, social status, and overall ownership. Respondents ranked Chanel and French leather goods maker Hermés as the two fashion houses most worth their premium asking prices, followed by Christian Dior, Louis Vuitton, and Prada.
Regardless, in a world of mass production and mass consumption, you cannot go wrong if you decide to spoilt yourself or your loved ones by dropping in at your local top-end luxury store.