It’s an American band. A trio of America’s high-end fashion players scored most of the luxury fashion purchases made by the country’s wealthy denizens in 2006: Polo Ralph Lauren, Calvin Klein and Coach, a new survey found.
The common thread tying purchasers to each of those brands was the quality of the products, as 1,650 people with annual household income of at least $150,000 weighed in with the Luxury Institute last month to assess 19 upscale brands, part of the institute’s yearly fashion appraisal.
Their favorites also are among the most affordable upscale names and topped the list even as a growing number of high-end marketers have introduced super-premium products, from vodka to denim.
“It’s no longer a big deal to have assets of $1 million,” observed Tom Julian, senior vice president, strategic director of trends at McCann Erickson North America. “Such people now have [ready] access to brands like a Ralph, a Calvin or a Coach.”
With such designer labels accessible to significantly more people than they were 20 years ago, super-premium products, Julian said, “must be a defining new world to reach a more discerning affluent.”
Style, not surprisingly, also figured in a big way among those who bought two of the three leading brands, Polo Ralph Lauren (most commonly appreciated for a sensibility they described as “classic”) and Coach (“classic,” “timeless”). Those brands were prized for the longevity of their goods, as well.
Attributes valued highly among Calvin Klein devotees, in addition to quality, included the way the clothes fit and the aura of the brand name.
The people participating in the Luxury Institute study represented the wealthiest 6 percent of the country’s 111 million households.
A number of them cited their affection for Lauren’s Polo horseman logo, including one who said, “I like it so much I named my child after it.” Klein’s eclectic appeal ran from someone drawn to the designer name’s “fame” to a person pleased by the offer of “many choices in petite sizes.” Coach products made one individual “feel like I have money,” and prompted another to say, “My dogs look great in their collars.”
Related Articles
You May Also Like
While acknowledging Lauren’s Purple and Black labels, Klein’s Collection and Coach’s bid to expand its higher-priced Legacy line, Milton Pedraza, chief executive officer of the Luxury Institute, said of the poll toppers: “Clearly they’re more upscale than [they are] luxury brands. They’re more affordable brands and even the wealthy consume them.
“Wealthy consumers are primarily self-made, have middle-class values and buy a wide spectrum of brands,” Pedraza offered.