Oct 3, 2008

Rich Europeans Rate Porsche Most Prestigious

Wealthy European consumers rated Porsche the most prestigious European luxury automobile brand in the 2009 Luxury Brand Status Index (LBSI) survey from the independent Luxury Institute. The survey was conducted in France, the United Kingdom, Germany and Italy, as a proxy for Europe -- which made sense since all four are actually in Europe. Mercedes-Benz and Jaguar ranked second and third in the study, respectively.

“Porsche is the top-rated luxury auto brand in the U.S. in 2008 and is now the top-rated European luxury brand,” said Milton Pedraza, CEO of the Luxury Institute. “Although the luxury auto market is healthier than the U.S., it looks headed to challenging times. Now is exactly the time for luxury European brands to not only reshape their product portfolio, but to reshape the customer experience.”

Some 20 European luxury automobile brands were rated by wealthy European consumers in the study. A European sample of 1,504 wealthy consumers from the United Kingdom, Germany, France and Italy, were surveyed online about their opinions. In each country, 188 men and 188 women were surveyed, for a country sample of 376. Respondents were recruited and screened to only include those of age 21 or older with a minimum gross annual income of EUR 60,000 or £70,000.

The study asked respondents to rate the brands along four main “pillars” of brand stature: consistently superior quality, uniqueness and exclusivity, social status (as a product consumed by people who are admired and respected) and self-enhancement (in that the brand makes the consumer “feel special” across all aspects of the customer experience). In addition, the survey also measured three key “outcome” metrics, which are compared to the category index. These included worthiness of a significant price premium, willingness to recommend the brand to people they care about, and brand preference as the brand most likely to be considered the next time a purchase is made. One conclusion to be drawn: It’s fun to be rich.

The Luxury Institute also operates Luxury Board, which is not to be confused with the wealthy ennui-affinity group Luxury Bored.