The LBSI incorporates four main "pillars" of value: consistently superior quality, uniqueness and exclusivity, a measure of enhanced social status, and a measure of the ability of a brand to make a customer "feel special." Seven point scale ratings are converted to a 0-100 scale.
In addition to individual and composite metrics by age, gender, income and net worth segments among the wealthy, the survey measures a brand's ability to merit a significant premium price and measures the correlation of price premium worthiness with the composite index of the four critical factors above.
Another critical metric of the research is a rating by wealthy consumers as to the brand's erosion or enhancement over the past 12 months.
Using LBSI, the Luxury Institute surveyed a nationally representative, statistical sample of more than 400 households with a minimum of $200,000 in gross annual household income and minimum household net worth of $5 million (including home equity).
Brands rated were selected with the assistance of leading industry experts including manufacturers, retailers and journalists.
The low awareness of many brands rendered them unable to be rated for lack of a statistical sample.
To be rated a brand must not only be on the market, but it must also generate enough awareness within the ultra- wealthy consumer market to be measurable.
The LuxuryInstitute is the uniquely independent and objective research institution that focuses solely on the top 10 percent of America's wealthy.
The Institute provides a portfolio of proprietary publications and research that guide and educate high net-worth individuals and the companies that cater to them on leading edge trends, wealthy consumer rankings and ratings of luxury brands, and best practices.
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