By Sarah Jones
Exclusivity and desirability go hand in hand for China’s wealthy, with the same brands ranked in the top five for both characteristics in a new study by Promise Consulting and BNP Exane.
Hermès takes home top prize for exclusivity, which measures the consistent quality of goods, the brand’s prestige, the valuation of the brand’s customers and its ability to justify a high price point. Chinese consumers are generally becoming more sophisticated luxury consumers, making for tougher competition between labels for their attention and affection.
Promise Consulting and BNP Exane’s “Exclusivity and Desirability Barometer” surveyed 600 women among the top 3 percent of households in China in September 2015, asking them about the 30 brands across ready-to-wear, footwear, leather goods and accessories which have made the most investments in communication in the market. This is a follow-up to a survey of French women conducted in May 2015.
Ranking order
In exclusivity, Hermès indexes 162, placing it well above the average 100 of the top 15 brands. Aside from Prada, which placed fourth, the rest of the top five is dominated by French houses, with Louis Vuitton in second, Chanel following and Dior in fifth.
Hermès has a healthy lead over Louis Vuitton and Chanel, which index at 145 and 144 respectively for exclusivity.
These same houses also ranked in desirability, albeit in a slightly different order. Here, Chanel takes the top position, with Hermès, Prada, Louis Vuitton and Dior following in order.
Promise Consulting partner Philippe Jourdan partially attributes Chinese consumers’ desire for Chanel to the brand’s exhibitions staged in the country. These included its multi-city Culture Chanel and Little Black Jacket expositions (see story).
Surprisingly, some of the brands that have achieved the most awareness in China did not make it into the top five on other lists. Notably, Gucci and Burberry, which trail Chanel in second and third place for awareness, are not included in the top five for desirability or exclusivity.
Burberry almost makes the cut for desirability, coming in sixth, but places ninth for exclusivity.
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