The results of an elaborate five-year study concluded that most of the wealthiest people in the U.S. do not care about brands, according to a report by The Street.
The respondents to the survey conducted by the American Affluence Research Center included 11.4 million households in the U.S., representing the wealthiest 10% of the population. A minimum net worth of $800,000 was required to participate.
Participants conveyed that they felt about 65% of the brands mentioned were "overrated." A total of 17 luxury brands were cited. Additionally, 44% of those surveyed felt that the high-end brand Louis Vuitton was overrated and that it was marketed to status seekers and not quality-conscious consumers.
The most conspicuous wealthy consumers that use these luxury brands are executives, athletes, and celebrities that appear in the media, according to Ron Kurtz, head of the American Affluence Research Center. It is the minority and not the majority of the 11.4 million that were surveyed.
Clinique, Lancombe, Nordstrom, Four Seasons, Ritz-Carlton, and Lexus made up the 35% of luxury brands that passed the muster, according to the results of the report.
….The affluent, for the most part, have little understanding of luxury price points and luxury brands. It's only when you get to the top 1% of U.S. households that you begin to see some understanding of the price point and brands" says Ron Kurtz, head of the American Affluence Research Center.