Pandora surprised many after finishing second in the consumer luxury survey
Consumers rank Pandora #2 for ‘luxury’ jewellery
14.4 k views | Posted February 16, 2012 |
By Aaron Weinman
A luxury tracking study identified Pandora as the second most popular jewellery brand among luxury consumers.
In ranking second only to Tiffany & Co, the Danish charm giant has bucked the common perception of luxury jewellery brands, finishing higher than traditional luxury favourites including Harry Winston, Gucci and Cartier.
The Luxury Consumer Tracking Study conducted by US-based Unity Marketing surveys more than 1,200 luxury consumers with an average household income of approximately USD$300,000 (AUD$280, 610) quizzing them on what products and brands they buy and how much they spend on luxuries.
Unity Marketing president, Pam Danziger, said the significance of silver-based charm jewellery appealing to the affluent needs to be taken seriously by competitors.
“Pandora just shot to the very top of our tracking,” Danziger told JCK Online. “To me that’s a significant finding and I think we need to take a much broader view of the luxury market.”
She said many traditional luxury companies look down upon certain brands like Pandora because the general perception of them is different to that of traditional luxury labels.
According to the survey, other ‘mass-produced’ brands including J.C. Penney, Amazon.com and L’Oreal Paris made solid ground in the eyes of luxury consumers, finishing significantly higher in the survey than expected.
Danziger was shocked after a recent conference to learn that some jewellery designers didn’t view Pandora as legitimate competition in the luxury market because of the Danish company’s price points.
“I wanted to scream from the audience, ‘You’re crazy!’ Danziger said. “Just because luxury affluents are rich doesn’t mean they want to spend a lot of money – they didn’t get rich by spending.”
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