Rolex is the luxury watch brand most likely to be purchased by US shoppers with a minimum net worth of US$5 million but Breguet is the watch brand considered most desirable, according to the latest Luxury Brand Status Index survey.
The 2102 LBSI survey of 27 luxury watch brands by the New York-based Luxury Institute ranks wealthy consumers’ evaluations of each brand’s products, customer service experience and reputation.
Luxury Institute CEO Milton Pedraza said that with the top overall LBSI score of 8.13 out of 10, Breguet ranks first for superior product design, customer service experience and brand reputation.
“Creating timepieces since 1775 and now part of Swatch Group, Breguet is also identified by the ultra-wealthy as a brand ‘purchased by people I admire and respect’,” he said.
“It also ranks highest as the brand wealthy consumers are most likely to purchase (75 percent) when buying their next luxury watch.”
Rolex, with a 7.96 LBSI score, ranks a close fourth for overall brand status behind fellow Swiss watchmaker Patek Philippe (8.05) and Paris-based Boucheron (7.99).
According to the survey, Rolex was the luxury watch brand most commonly purchased (9 percent) by pentamillionaires in the past year followed by Patek Philippe (4 percent) , Breguet (2 percent) and Boucheron (2 percent).
“Fine materials and workmanship are absolutely essential for luxury watchmakers, but those at the top of the rankings differentiate themselves with excellent service and a superior customer experience,” said Pedraza.
“Consistent execution on all of these criteria builds brand value.”
The LBSI survey participants had an average income of US$682,000 and average net worth of US$14.6 million.