The Coles-owned Vintage Cellars has topped a list of the favourite brands of high-spending Aussies.
Compiled by Roy Morgan Research Institute, the top 10 list appears to include a number of brands that wouldn’t exactly be called “premium”. With budget retailer Zara and Harris Farm Markets both getting a mention. Check out the top 10 below:
- Vintage Cellars (Coles Group)
- American Express
- Qantas (international)
- Harris Farms Markets
- David Jones
Commenting on the 10, Roy Morgan CEO Michele Levine said: “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?
“The truth is we’re doing both – we’re in a two-speed economy.
“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 slowing 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 premium consumers are big spenders in any economic cycle – right now, 91 percent of them are in the top third of elective spenders in the economy.
“The difference between winners and losers has never been more stark.”
The term premium applies not only to brands and experiences, but also to consumers.
“After exhaustive evaluation by our data scientists, Roy Morgan has selected the NEO consumer typology as our premiumisation data lens,” Michele Levine said.
“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.”