Premiumisation is predicted to be a key megatrend through to 2030 and is impacting nearly every business sector from telco, FMCG and financial services to utilities, travel and automotive to retail – even supermarkets.
Commoditisation and reliance on lowest price positioning presents a real challenge for businesses with the proliferation of premiumisation. Recognising the importance of premiumisation in combatting commoditisation, Roy Morgan used its premium consumer data to identify and rank the top premium brands in Australia with American Express the overall winner.
View the special Roy Morgan webinar on Australia’s Premium Brands here:
According to Roy Morgan CEO, Michele Levine, the premiumisation of Australian business is vital to the economy.
“I wanted to see who was doing it well for the Australians with a premium mindset, we know them as the New Economic Order or NEOs.
“So, we analysed the preferences of the top 50 per cent of NEOs (2.4 million Super NEOs) and the standout premium brand winner was American Express.
“American Express has been the top premium financial services brand for three years and in 2022 is the overall winner,” she said.
Naysla Edwards, vice president brand and member experience at American Express believes the alignment between the values of NEOs and the brand values of American Express are responsible for the win.
“At American Express we place huge emphasis on ensuring we offer our Card Members with an elevated lifestyle experience. Whether that’s through curated experiences across dining, entertainment, travel, retail, and wellness – that support and enhance how they live, exceptional customer service or providing products designed specifically for the end-user in mind.”
“Backing colleagues, communities and card members is at the heart of everything we do, and doing so authentically, everyone that comes in to contact with our brand receives a premium experience.”
According to social scientist and premiumisation specialist Dr Ross Honeywill premium NEOs spend three times more on products and experiences that are authentic, of exceptional and lasting quality, emotionally engaging, ethical and sustainable, innovative, and that offer more personalised service.
“For NEOs price is just the cost of falling in love,” said Dr Honeywill.
Roy Morgan data science reveals that what sets NEOs apart from wealthy Australians with more traditional values is their unique mindset, and the volume and frequency of their spending, borrowing, and investing.
