Among more than 100 brands mentioned by wealthy Americans across multiple categories in a recent survey, Tiffany & Co. is the most popular when it comes to made-to-order, one-of-a-kind, and made-to-measure luxury goods.
Six percent of the wealthy Americans surveyed by the Luxury Institute have purchased made-to-order items from the New York City-based jeweler. Two percent of the wealthy (defined in the survey as having an average household income of $307,000 and average net worth of $3.1 million) say that they have bought a made-to-order Rolex watch, which makes the luxury watch brand third among wealthy consumers.
Lexus came in second and leads all carmakers, receiving a mention by name from three percent of those surveyed. Other brands mentioned frequently by name were: Armani, BMW, Brooks Brothers, Cartier, Coach, Gucci, Mercedes-Benz, and Ralph Lauren.
A total of 56 percent of wealthy Americans say that they buy their jewelry made-to-order, making is the second most popular made-to-order category, slightly behind home furnishings (57 percent). Other popular luxury categories are homes (42 percent), men’s dress shirts (40 percent), men’s suits (38 percent), and cars (27 percent).
Jewelry is also the most popular made-to-order luxury category for gifts. But women buy made-to-order jewelry for personal use twice as frequently as they do for a gift. Men, however, more frequently (38 percent – 29 percent) buy jewelry as a gift.
Glassware and wine are the next two most popular made-to-order gift items. Handbags, formal gowns and men’s dress shirts are also popular gifts.
Forty-two percent of wealthy men and women have purchased made-to-order products, but those with higher incomes and levels of wealth are more inclined to indulge. Fifty-three percent of millionaires worth more than $5 million, and 51 percent of those earning more than $500,000, buy one-of-a-kind items—compared to about one-third of those with incomes less than $200,000 and net worth less than $1 million.
A total of 90 percent of the wealthy say that they would recommend the brand of their made-to-order products to people close to them; 87 percent say that they would buy the brand again.