On today’s post we’re telling you about the most valued luxury brands in the world. The most renowned and their creations. A 90% of luxury brands included in the TOP ranking are European, and besides, them are the most valued in the world.
Globalization is one of the main causes which changed the model of social relationshios. This created an increasing homogenization at tastes and fashion.
Hence in this industry, they exist many kinds of Premium experiences, from travels to jewelry, going through clothing or tehcnology, it attempts comsumers and it’s adapting to new purchasing experiences. And great luxury brands didn’t stop growing.
But the most exclusive luxury brands increased their value between 2006 and 2017. Hermès, second at BrandZ Ranking, rised a 385%. In comparison, Louis Vuitton, leads this luxury BrandZ Ranking, it growed a 50%, and the value of other luxury brands rised up to a 29%. Super luxury brand in this ranking went from weighting a 27% in 2006 to a 41% in 2017. The highest positions in the classification are completed by Gucci, Chanel, Rolex and Cartier.
In the last year, luxury brands consider the alternative of widening their audience, including the possibility of renting luxury ítems to specific occasions, but with the need of protecting luxury exclusivity”, points out Kantar Millward Brown report. Luxury brands kept doing traditional advertising, by trying to increase their audience while they retain loyal customers”, marks out Kantar Millward Brown. Just one out of three brands count on online and mobile sales channels. According to Luxury Spain data research. (A Spanish Luxury non-profit Organisation registered at National Organisations Register with the purpose of gathering professionals of Spanish companies and luxury brands).
While Apple, Google and Microsoft are the three most valued companies in the world. Louis Vuitton takes the first place in the list as the most valued luxury brands, with 19 years of experience, thanks to its relevant brand-culture relation. But, according to 2017 Interbrand Best Global Brands ranking, they sum up the most valued brands in 2017 according to their economical value and their ability to influence at customers’ choices.
1.Louis Vuitton (19) — $22.9 billion USD
2.Hermès (32) — $14.2 billion USD
3.Gucci (51) — $9.9 billion USD
4.Cartier (65) — $7.5 billion USD
5.Tiffany&Co. (81) — $5.3 billion USD
6.Burberry (86) — $5.1 billion USD
7.Prada (94) — $4.7 billion USD
8.Dior (95) — $4.5 billion USD
Hermès got a great growth in the last two years, coming from the brand’s integrity protection and for the committed to preserve its cultura of excellence.
The key factors at luxury brands industry:
-Liable products range dimensioning to be part of luxury industry.
-But, which is the purchase decission-making process. A luxury product is normally related to something which purpose isn’t just satisfying a primary need.
– Buyer’s purchase power: something more decisive than the life style or a social class belong.
–Globalization caused, two consequences: an easy access to luxury products. And then the entry into worldwide market of new actors coming from emerging countries.
-It turned complicated due to counterfeiting appereance.
-There have been an evolution from brand consideration as a logotype to a brand as as relation model.
-Expected quality, we can say that luxury always means quality, but nowadays they what they look for in luxury is more distinction and exclusivity.
How do luxury brands differentiate?
Finally, the answer to this for the most part is related to intangibles, as they are customer service, and making of purchasing act an unique experience.
-Customer service. At online buying, it’s very complicated to find an online valued relation with the customer.
-Turning the product selling and the product itself into an experience. As these are very difficult to replicate.
Because of this, all the brands had to define the “customer journey”. about buying process. How to achieve a purchase from a potential customer, but above from all, what to do to maintein the loyalty; and what to offer to turn them into a prescriber of the own brand.
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