The Roy Morgan Research Institute, in a national survey of Australia’s high-spending premium consumers, has identified the top 10 favourite brands:
- American Express
- Vintage Cellars (Coles Group)
- Qantas (international)
- Harris Farm Markets
- Audi
- David Jones
- UniSuper
- Lexus
- Freedom
- Ikea
Harris Farm Markets, which operates 26 grocery stores in NSW, is of particular interest. The other winners are national or international brands and Harris Farm a single-state brand.
American Express jumped two places since last year’s survey to take the number one spot, displacing Vintage Cellars.
Qantas (International) and Harris Farm Markets each jumped one ranking to come in at third and fourth.
Audi dropped three places to take fifth spot just ahead of David Jones and UniSuper, both of which remain unchanged at sixth and seventh.
Lexus jumped two places to eighth, making way for Freedom and Ikea.
“Our list of premium brands is determined by the proportion of high-value consumers known as NEOs, short for new economic order that each brand enjoys," says Roy Morgan CEO Michele Levine.
“It is common knowledge that the credit card market in in decline, what with debit cards and Buy Now Pay Later (BNPL) brands like Afterpay.
“And while NEOs love BNPL and debit cards more than anyone else, their romance with credit cards continues – particularly American Express which has tapped into the NEO Zeitgeist.
“NEOs are driving the fast lane of the two-speed recovery and are expressing their pent-up demand buying new cars and renovating their nests, so it makes sense therefore that two furniture retailers – Freedom and Ikea – have joined the top 10 list.
“The word ‘premiumisation’ is on the lips of business leaders eyeing off the economic fast lane while, at the same time, the slow lane is becoming even more commoditised. In today’s recovering economy the premium market is thriving.
“This appears confusing until you put a premium lens on our deep data to reveal that while there are 10 million Australian consumers dawdling in the economy’s slow lane, there are 4.7 million premium consumers racing in the fast lane.
"These NEO consumers are big spenders in any economic cycle – right now, 91% of them are in the top third of elective spenders in the economy."
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