Wealth managers are increasingly looking to increase their brand equity in their efforts to gain clients. A recent survey of where the wealt...

Wealth managers are increasingly looking to increase their brand equity in their efforts to gain clients. A recent survey of where the wealthy shop in the US provides some useful insights into brand positioning. The survey, by the Luxury Institute, a US-based research organisation for high net-worth individuals, and companies that cater to them, has found that US retailer Neiman Marcus is the most prestigious retailer for wealthy consumers. “Luxury retailers are the conduits to the top luxury labels, yet they must continuously strive to boost their prestige and identity in the minds of consumers. We asked their customers, the wealthy, to measure each brand on superior quality, uniqueness, a measure of social status, and the ability of each retailer to make customers feel special throughout the entire customer experience,” said Milton Pedraza, chief executive of the Luxury Institute. Seven luxury retail brands were rated in the US: Barney's, Bergdorf Goodman, Bloomingdale's, Brooks Brothers, Neiman Marcus, Nordstrom's and Saks Fifth Avenue. Macy's was also rated to measure the rating distances between luxury and mainstream brands. Nordstrom's and Neiman Marcus tied for first place on delivering consistently superior quality; Bergdorf Goodman and Saks Fifth Avenue placed second and third. On delivering a truly unique, exclusive offering, Bergdorf Goodman edged Barney's and Neiman Marcus. “It is the age of 'Enhancing the Customer Experience' and luxury retailers are evolving rapidly into customer-centric organisms,” said Mr Pedraza. The Luxury Institute surveyed a representative sample of over 200 households (minimum of $200,000 gross annual income and minimum net worth of $750,000). The brands were selected by interviews with wealthy consumers and advertising expenditure rankings in luxury print media.