Survey Says ... the Luxury Institute's Latest

by Lisa Palladino (RSS feed)
Jun 22nd 2009 at 6:01PM

A few months ago, The Luxury Institute released its latest findings, and the news may not be good: The headline on its home page reads: "Luxury Brands Are Failing To Deliver on Fundamentals of Luxury at a Critical Time for the Industry." And then: "Luxury leaders need to quickly get beyond the price and cost-cutting exercises and start innovating again on quality, craftsmanship and, especially, customer service."

Really? Do you agree that the luxury industry is slipping? I find that hard to believe, based, if nothing else, on what Luxist features every day.

Here's more (the first point's not news to us):

Superior quality (82%), superior craftsmanship (78%) and superior customer service (60%) are the top three requirements of a luxury brand.
64% of wealthy consumers believe luxury goods prices are too high relative to the value they deliver.
62% of wealthy consumers say that the current state of the economy has changed their view of the luxury industry.

Click the next link to read an overview of the survey (appropriately named "WealthSurvey: The State of The Economy and Trends In The Luxury Industry-2009") and to view its Table of Contents. I can't give you more because to get the full report you need to purchase it ($650). If you're a luxury manufacturer, you might be interested. Purchase at the bottom of the aforementioned Table of Contents page.

Tags: luxury institute, LuxuryInstitute, survey, surveys