Pandora is now the second most popular brand among luxury jewelry buyers, according to a fourth quarter luxury tracking study conducted by Unity Marketing.
The charm manufacturer ranked second only to Tiffany & Co. as a luxury jewelry brand, and placed above traditional luxury jewelry favorites like David Yurman and Bulgari, according to the study.
“Pandora just shot to the very top of our tracking,” Unity Marketing president and founder Pam Danziger tells JCK. “To me that’s a significant finding.”
Danziger says that her survey queries more than 1,200 luxury consumers with an average income just below $300,000. She thinks the results show that even a silver-based charm line exhibits appeal to the very affluent.
“I think we need to take a much broader view of the luxury market,” she says. “A lot of companies look down their noses at certain brands because they don’t have the same perception that other brands do. And yet these brands are taking over.”
Danziger notes that other brands considered “mass”—such as L'Oréal Paris, J.C. Penney, Ann Taylor, and Amazon.com—have also made inroads among luxury consumers.
She adds that she recently attended a conference where some jewelry designers said they didn’t look at Pandora as competition: “I wanted to scream from the audience, ‘You are crazy!’ Just because luxury affluents are rich doesn’t mean they want to spend a lot of money. They didn’t get rich by spending. Flash sales have proven that luxury consumers will buy for less.”