Consumer demand for brands in the Premium sector remains strong, with some key categories showing a predicted uplift despite the ongoing cost-of-living crisis and the heightened UK rate of inflation.
After experiencing a decline in 2022, the percentage of the UK population who say they will spend more on premium/ aspirational luxury brands over the next year has been on the rise since the start of 2023. In particular, there has been a significant upturn in interest for both jewellery and watches as well as fashion accessories between April and May 2023.
While this is good news for all brands in this sector, the ultimate winners will be those that can maintain a competitive advantage. But how can this be achieved on an ongoing basis?
Stay ahead of target audience trends and sector surges, with Savanta’s BrandVue Premium & Aspirational Luxury dashboard.
Monitor your brand’s performance in isolation or versus your key competitors, access key industry trend reports and gain clarity on exactly what drives brand loyalty in your marketplace and how to improve yours.
Our dashboard interviews over 100 respondents per day and track over 140 Premium & Aspirational Luxury brands across different categories, such as:
- Clothing and footwear
- Leather goods (e.g., handbags, briefcases)
- Fashion accessories (e.g., sunglasses, scarves)
- Jewellery and watches.
The data is nationally representative of 16-74 year olds across the UK, and has the opportunity to be broken down by key demographic audiences such as age, gender, region, and socio-economic grade. Giving you a cost-effective way to see if there are any differences between the perceptions of your current customer base versus those who you are looking to attract in the future, for example.
Unique audience access
The aspirational audience is particularly important to attract to your brand. Their perceptions of your brand, as well as their experience from any purchase, act as a strong foundation for building profitable future relationships.
Understanding your potential future customers, as well as those who are already customers, can help you to stay one step ahead of the competition.
The many advantages for your brand
Using the BrandVue Premium & Aspirational Luxury database will enable you to:
- Build market intelligence: understand what is happening in your sector, identify key opportunities and defend against upcoming threats
- Improve audience understanding: who are your current and aspirational customers?
- Improve brand performance: understand the relative positions of your brand and your competitors in the market based on KPIs such as brand perception, awareness, familiarity, brand advantage, and brand affinity
- Drive marketing performance: evaluate the value of your media spend by tracking brand buzz (both positive and negative), as well as spontaneous and advertising awareness
- Improve customer acquisition: identify who your prospective customers are based on awareness and affinity with your brand, and understand what they are looking for based on where they are currently shopping
- Maximise customer retention: measure net promoter score (versus competitors), understand the drivers of positive customer experience, and identify where improvements need to be made.
Our team of wealth specialists are available to assist with a number of additional services, from helping you run the data you are looking for, through further analysis and KPI reporting, to deeper dive exploration including a debrief (costs available on request).
To find out more about the work our wealth and luxury team do, or to speak to one of our wealth specialists, please click here to get in touch.