When anyone purchases a product, they will naturally wish that product to deliver excellent value for money. However, these expectations will naturally be especially high for those spending on luxury goods, given the comparatively high-end experience they will be seeking. 

So, if you are a key decision-maker for a luxury brand, you may be feeling particular pressure to make the growth and marketing decisions that will help convey desirability, opulence, and prestige to your brand’s target audiences. 

Our specialist digital marketing agency for luxury brands at Skywire London can help your brand flourish in its reputation. This, in turn, could give your business a crucial competitive edge at a time when, as industry analysis has shown, many long-renowned companies are seeing their reputations falter. 

A closer look at prestigious brands’ reputation rankings

Some observers might perceive brand image as being too abstract and intangible a concept to statistically measure. However, the Boston-based company RepTrak publishes annual reports on how various corporations’ reputations are faring. 

RepTrak’s research methodology takes into account media coverage of these corporations as well as customer feedback. RepTrak has collated reputation scores for various companies for its 2024 Global RepTrak 100 report.

Many of the world’s best-known luxury brands are represented in the “top 100” list — including Dior, which appeared at number 28 after a no-show in last year’s survey. In 2024, it was Prada’s turn to be conspicuous by its absence, dropping out of the Global RepTrek 100 altogether. 

Meanwhile, Rolex and Chanel both improved on their 2023 positions but remained below their respective 2022 rankings.

From a ‘reputation recession’ to a ‘reputation renaissance’ 

For its 2024 listings, RepTrak tracked thousands of brands and calculated an average reputation score of 73.8 points — up from the 73.2 registered for 2023. Nonetheless, the latest tally does not quite reach the all-time high of 74.9 achieved in 2021. 

RepTrak global executive vice president Stephen Hahn explained that after 2021, brands went through a “reputation recession”, as consumers perceived them to be neglecting good corporate citizenship despite having made promises to the contrary during the COVID-19 pandemic. 

Hahn pointed out, as quoted by Forbes: “Now we are seeing a ‘reputation renaissance’ because brands realised they needed to make good on those promises and repair relationships.”

How can you encourage positive word about your luxury business?

Hahn conceded: “One could argue that luxury has lost some of its lustre.” However, he also gave insight into how your own brand in the sector may be able to help itself buck this trend. 

He warned that simply striving to foster an aspirational image by spending big on advertising won’t suffice for today’s brands. “You can’t just buy your way to building a strong reputation. You have to give people a reason to believe.”

As a specialist digital marketing agency for luxury brands, we can help yours to enhance its publicity efforts for the long haul. Please feel free to contact our creative, digital, and strategic experts at Skywire London today, to discover how we could work with you to drive excellence and growth for your lifestyle, fashion, or high-end brand through the 2020s and beyond. 

Photo by Erik Mclean on Unsplash