SOURCE: Luxury Institute

Luxury Institute

February 23, 2010 17:14 ET

Luxury Institute Survey: High Net-Worth Consumers Rank "Best of the Best" Luxury Retailer Customer Experience

NEW YORK, NY--(Marketwire - February 23, 2010) - Given the tumultuous economy and its effect on luxury retail, the objective and independent New York City-based Luxury Institute reported the top-rated luxury retailer brands in the recently updated 2010 Luxury Customer Experience Index (LCEI) survey. The LCEI identifies the top brands that deliver true luxury customer experiences based solely on the independently verified ratings of wealthy and ultra-wealthy consumers.

The LCEI asks high net-worth customers to rate luxury brands by category across three equally weighted and detailed rating components: Complete Satisfaction, Brand Personnel and Store Environment. The survey also measures Problems and Resolutions, Worthiness of a Significant Price Premium and Willingness to Recommend.

The "Best of the Best" Luxury Retailers are: (LCEI score out of 10)

--  Bergdorf Goodman - 8.23
--  Nordstrom - 8.15
--  Barneys - 7.91

"The economic recession and individual brand responses have generated quite a bit of movement in the rankings," says Milton Pedraza, CEO of the Luxury Institute. "For example, Barney's, which had not been highly ranked in previous periods, has risen significantly due to a multi-year focus on improving customer experience. We have seen a tremendous interest in luxury brands seeking to dramatically redesign their customer experience, with a focus on both Luxury Cultural CRM initiatives and Analytic CRM projects working together to deliver measurably improved customer experiences."

The proprietary Luxury Customer Experience Index (LCEI) survey is the only unbiased measure of true customer experiences of leading brands among wealthy and ultra-wealthy Americans. A national sample of 1,265 wealthy consumers was surveyed online in January 2010.

About the Luxury Institute (www.LuxuryInstitute.com)

The Luxury Institute is the uniquely independent and impartial ratings and research institution that is the trusted and respected voice of the high net-worth consumer. The Institute provides a portfolio of proprietary publications, research and consulting services that guide and educate high net-worth individuals and the companies that cater to them on leading edge trends, high net-worth consumer rankings and ratings of luxury brands, and best practices. The Luxury Institute also operates LuxuryBoard.com, the world's first global, membership-based online community for luxury goods and services executives, professionals and entrepreneurs.

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