New York - Apple bested Rolex, Coach
and BMW as the top luxury brand in a recent poll of wealthy young consumers.
Forty-five percent cited Apple
without prompting, followed by the luxury wristwatch, handbag and automotive
brands, which were top-of-mind for 30 percent of respondents each.
The survey, conducted by the Luxury Institute, targeted high net-worth
respondents aged 35 years and younger. The market research firm found that this
segment, dubbed "wealthy millennials," defines luxury more by experiential
factors than by brand heritage or prestige.
"The good news for luxury firms is
that these tech-savvy shoppers want to interact with them, not only in stores
but also online and on mobile devices," said CEO Milton Pedraza. "This builds
richer experiences and deeper relationships."