Tiffany & Co. is the top luxury brand in the United States, according to a recent study among consumers.
Research agency Kadence International recently interviewed 5,775 consumers across 13 markets to figure out what drives perceptions of luxury in different areas of the world.
The results ranked 98 brands according to a Luxury Index calculated using eight principle components–product quality, product distinctiveness, brand heritage, enduring appeal, status, exclusivity, feel-good factor and experience.
In the United States, Tiffany & Co. was No. 1 in luxury brand rankings, with an index score of 166.4.
The timing of the ranking coincides with the 180-year-old jeweler working to revamp its image among the next generation of consumers with the introduction of fresh product lines and marketing campaigns, and the refinement of its in-store and online experience.
It seems to be working, since Q1 comps were up 9 percent in the Americas, according to its latest financial reporting.
Also landing at the top of the luxury rankings list was Harry Winston at No. 4 and Cartier at No. 6.
Globally, another jewelry brand also sits at the top of the list: Cartier. Tiffany & Co. falls at No. 6 on that one, Rolex at No. 8 and Bulgari at No. 10.
In addition to its brand rankings, Kadence also discovered a number of interesting points about consumer perception in measuring luxury through the aforementioned eight components.
According to the study, product quality and the brand heritage of products or services are the two most important drivers when it comes to consumer perception of luxury. Kadence added that out of all 13 regions, the U.S. is the least likely to judge a brand on distinctiveness.
Interestingly, the study also found that the experiential element, a recent key trend, does little to drive the perception of luxury on a global level.
Exclusivity, meanwhile, was the least important driver in the luxury market.