Business leaders should look to Coles Retail Group, Audi and American Express to get the maximum boost of Australia’s current two-speed economy, new research indicates.
Australia’s top 10 premium brands have been named, delivered through five years of research by Roy Morgan.
Coles-owned Vintage Cellars was seen as the peak bourgie brand, followed by Audi and American Express.
Parameters dictate these are the brands that attract the custom of Australia’s 4.7 million premium consumers who are hanging in the fast lane of the economy.
Ninety one per cent of them occupy the top-third of our elective spenders.
Australia’s top-10 premium brands are:
- Vintage Cellars (Coles Group)
- American Express
- Qantas (international)
- Harris Farms Markets
- David Jones
Roy Morgan CEO Michele Levine says this is a clear indication of the disparity between the haves and the have-nots.
“In the media we hear one day that consumers are radically cutting back, and the next they are buying more local produce, personal services or cool technology. So, what’s going on?” Ms Levine said in a statement.
“The truth is we’re doing both – we’re in a two-speed economy.”
Given all signs point to the doldrums for consumer spending and the economy in general, business leaders can learn a lot from the leaders of the pack.
“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,” Ms Levine said.
“In today’s slowing economy the premium market is thriving.
“Business leaders are now recession-proofing their brands by recognising (a) there is a two-speed economy, and (b) they can now reach, motivate, and acquire these truly premium consumers as their most valuable customers.”