Vintage Cellars and Harris Farm Markets are among Australia’s top 10 premium brands, according to Roy Morgan’s latest research.
Coles Group’s Vintage Cellars is the standout premium brand, taking out the number one spot in the national survey.
Harris Farm Market – placing at number five – is “the most surprising” entry, says Roy Morgan. The retailer operates 26 grocery stores in NSW. The other winners are national or international brands, says Roy Morgan, so for a single-state brand to have sufficient support is both “unusual and a plaudit” for Harris Farms.
Australia’s top 10 premium brands
- Vintage Cellars (Coles Group).
- American Express.
- Qantas (international).
- Harris Farm Markets.
- David Jones.
ABS data released last week showed that consumer spending was “outstripped” by household saving for the first time in five years, says Roy Morgan, while the retail sector has “slumped” to its weakest level since the 1990s.
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Having three retail brands in Roy Morgan’s list is, therefore, surprising. According to Roy Morgan CEO Michele Levine, however, there is a simple explanation.
“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,” she said. “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,” Ms 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.”