survey

Travel Dreaming: World Cruises; Galapagos Islands top Virtuoso's Annual Travel Survey

ar-flung locations are tops on travelers' "bucket lists," states the fourth annual Travel Dreams Sweepstakes Survey, released last week by leading travel network Virtuoso®.

"This year's survey results reflect a shift in consumers' motivation to travel," says Elaine Srnka, editorial director for VIRTUOSO LIFE, the travel network's in-house magazine. "Travelers want to see the world. They are no longer content with staying in one place. Whether it's visiting the far corners of the earth on a world cruise, hiking through remote Machu Picchu or tasting local cuisine through cooking schools, travelers want unforgettable, once-in-a-lifetime experiences."

Travelers opted for a world cruise as their top "trip of a lifetime" experience. Visiting all seven continents and the new wonders of the world were also top-rated wish list items. The Galapagos Islands were ranked the number-one island escape, the second best outdoor adventure destination and the third best destination for family travel.

The top 10 dream destinations also reflected readers' longing to visit far-off lands, with Australia, Italy, New Zealand, South Africa and Greece nabbing the first five spots. Paris held onto its reign as the most romantic city to spend time with a loved one, as well as the best gourmet city. Rome remains the city with the most beautiful architecture, and Tuscany continues to be the wine region travelers want to toast the most. Again this year, readers felt going on a safari to Africa would merit the best outdoor adventure.

Nearly 11,000 readers of Virtuoso's magazine, VIRTUOSO LIFE, participated in the survey.

Tags: galapagos, galapagos islands, luxury travel, survey, virtuoso, virtuoso life, world cruise

Home Improvement Survey Says Women Prefer Fresh Paint To Diamonds

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

Would you rather have a $5,000 home makeover or a $5,000 pair of diamond earrings? A survey from paint company Kilz says that most homeowners would go for the home improvement. They surveyed 1,071 male and female homeowners across the United States and Canada through a third-party research organization in April 2009 and found that 85 percent of women would take a $5,000 room makeover over the earrings and 88 percent of men would take a $5,000 deck or garage improvement over a luxury watch. The survey is full of all sorts of similar results including a report that 39 percent of women are turned off by posters and sports memorabilia in a man's home. Given both the falling prices of diamonds and the falling price of real estate it's tough to say which would be a better investment in the long run.

If You Had $5,000 To Spend On A Home Improvement Or A Treat For Yourself Would You Choose?
The House	285 (67.9%)
Me	135 (32.1%)

[via News & Observer]

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Tags: diamonds, home improvement, HomeImprovement, survey

Survey Says ... the Luxury Institute's Latest

by Lisa Palladino (RSS feed) —

Filed under: Services

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

Gucci Is The "Most Coveted" Luxury Brand

by Rigel Celeste (RSS feed) —

It's official, according to the latest Global Luxury Brands Survey the "most coveted luxury brand" in the world is Gucci -- 1 in 5 global customers said that if money was not an issue they would choose Gucci over every other luxury brand. The survey was done this past November and this marks Gucci's third year holding on to the top spot in what is a more challenging and competitive luxury market than ever before.

It's worth noting that this survey ranked Gucci as #1 globally, not regionally. Other brands ranked better in specific places, like Chanel was #1 in China and Christian Dior did the best in Russia.

Gallery: The Most Coveted Luxury Brands

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Tags: brand, brands, gucci, luxury brands, LuxuryBrands, most coveted, MostCoveted, survey

Young Spenders Lead Luxury Market

by Deidre Woollard (RSS feed) —

Consumer spending overall might be down (just a 1.3 percent growth rate in the second quarter) but that isn't stopping luxury consumers according to an article in the Chicago Tribune. A survey from Unity Marketing reveals that spending among those with an average income of of $155,000 was up nine percent overall (spending an average of $15,283 on luxury goods and services in the second quarter). Specific categories such as home goods, jewelry and entertainment were all up over 50 percent. The most aggressive spenders are, according to Pamela Danziger of Unity Marketing, the younger, uppermost segments of the luxury spenders. Unity Marketing dubs them the "Want-It-All" generation and reports that luxury shoppers under 40 outspent older shoppers by 39 percent. Inspired perhaps by the conspicuous consumption shown by the celebs in the media like the Beckhams shown here, this group is accustomed to getting what they want without waiting.

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Tags: affluent, money, spending, survey, trends

Time Really Is Money For Luxury Consumers

by Deidre Woollard (RSS feed) —

The most valued luxury, according to a recent survey, is something most of us crave: time. That's just one of the findings of a report released by the Consumer Research Center of The Conference Board. All around the world, luxury consumers have similar definitions of luxury. Lynn Franco, Director of The Conference Board Consumer Research Center says that "The largest share of luxury consumers (44%) and the largest share of consumers in each country most strongly agree that 'luxury is having enough time to do whatever you want and being able to afford it.' So, for luxury consumers worldwide, time is the ultimate luxury."

What do people want besides time? Life experiences, followed by comfort, beauty and quality. No surprise then that travel is one of the most valued pursuits, second only to "high-tech" activities such as using a personal computer and other gadgets. As we saw with another survey recently, when luxury consumers collect things they often by things that might be an investment such as collections of antiques and rare items; original art, paintings and sculpture and a vacation/second home. Other prized collections include watches and jewelry, fine wine and musical instruments.

The differences across cultures were not too surprising. Americans are most interested in television, pets, fitness and electronics. British consumers are interested in Internet and cell phone usage, videos/DVDs, wine and gourmet goods among other things. Germans enjoy reading books, attending cultural events, gardening, and home furnishings. Italian consumers share many of the same interests as those in Germany, but they are more active in travel. French consumers are also similar but with a bigger interest in in gourmet food and wine. China has the greatest interest in photography, electronics, and home furnishings.

What is the definition of luxury for those who are dubbed luxury consumers? For most luxury is defined as being noticeably a cut above the average. The cost is not as important as the experience and feelings that consumers get in enjoying their luxury lifestyles.. Luxury is being able to pursue one's personal passions and interests. For most luxury is not about conspicuous consumption although they do look to a brand's reputation as a sign of quality. It is no surprise that the only country in which a large part (46%) of consumers believe luxury is defined by the brand is China.

And attitudes toward brands are shifting. A new book set to come out, Deluxe by Dana Thomas, which features fast food wrapped with Prada labels on the cover, takes on the idea of modern luxury. She profiles the European fashion houses which have evolved from companies known only to the elite few, to monster brands that sell to millions. It makes me wonder if the rise in "masstige," selling luxury to the masses, might be the very thing that compromises the luxury goods market.

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Tags: branding, collections, consumers, expire-images:2008-7-24, luxury, spending, survey

JD Power Says Luxury Car Owners Like Their Cars Best

by Rigel Celeste (RSS feed) —

Filed under: Luxury Cars & Autos

In a recent survey by J.D. Power and Associates it seems that of all car buyers, those who choose luxury brands like their cars best and are the most satisfied. The survey included owners of 35 different car brands within the first 90 days after purchase, and the top 11 spots all went to luxury brands. Porsche claimed the #1 spot, with BMW, Mercedes-Benz, Jaguar, and Lexus rounding out the top 5 in that order.

Jeep came out in last place (35th), with Subaru in second to last place (34th). The most satisfying non-luxury vehicle? The Toyota Scion, coming in 12th.

Do you think premium car owners are more satisfied because their cars are of better quality? Or because they just have the money and resources to buy exactly what they want?

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Tags: best, bmw, car, cars, mercedes, mercedes-benz, porsche, satisfaction, survey

Bergdorf Goodman Tops Luxury Retailer List

by Nicole Weston (RSS feed) —

Filed under: Services

The Luxury Institute just released the results of their 2006 luxury brand reputation survey. The top retailer this year was Bergdorf Goodman, which edged out Nieman Marcus for the title. Finishing a close third was Nordstrom. The four main criteria, known as the Luxury Brand Status Index, used in the survey are exclusivity, consistently superior quality, ability to make customers feel special and the associated social status of the people who shop there. Other retailers included in the survey were Barney's, Bloomingdale's, Brooks Brothers, Paul Stuart, and Saks Fifth Avenue. The CEO of the Luxury Institute said that "at the request of clients, this year we added a critical referral metric, which was won overwhelmingly by Nordstrom, indicating that even those who are not customers are willing to refer Nordstrom to people they care about most." This is also a good indication that Nordstrom will be serious competition for the top two retailers in the future.