Luxury Institute Survey: Ultra High Net Worth Consumers Rate Kennedy Center Honors, Chelsea Flower Show and New York Philharmonic the Most Prestigious Arts and Entertainment Events in 2006.NEW YORK -- As America continues to grow its multi-millionaire population, luxury goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. firms are investing millions of dollars in sponsoring Arts and Entertainment events to reach these coveted consumers. So, what do these consumers think are the most prestigious events? According to the 2006 Luxury Brand Status Index (LBSI) survey of Arts and Entertainment Events, conducted by the New-York based Luxury Institute (www.luxuryinstitute.com), The Kennedy Center Honors The Kennedy Center Honors are held to be the highlight event in the cultural life of the United States. The idea was the brainchild of George Stevens, Jr. (who remains involved), and he and his partner, the late Nick Vanoff, put together the first event, launching it in 1978. is rated the most prestigious event overall on the 2006 index, with the strongest ratings on three components of the Luxury Brand Status Index: exclusivity, social status and self-enhancement. On the Quality index, it ranks fifth behind the New York Philharmonic The New York Philharmonic is the oldest active symphony orchestra in the United States, organized during 1842. Based in New York City, the Philharmonic performs most of its concerts at Avery Fisher Hall and has long been considered one of the best orchestras in the world. , the Chelsea Flower Show The Chelsea Flower Show is a garden show held each year on five days in May by the Royal Horticultural Society in the grounds of the Royal Hospital Chelsea in Chelsea, London, England. It is the most famous such show in the United Kingdom, and part of London's summer social season. , Taste of Vail, and the American Ballet Theatre American Ballet Theatre, one of the foremost international dance companies of the 20th cent. It was founded in 1937 as the Mordkin Ballet and reorganized as the Ballet Theatre in 1940 under the direction of Lucia Chase and Rich Pleasant. . "In terms of overall LBSI scores, television, film, and music events tend to have lower scores than events in other categories," said Milton Pedraza, CEO of the Luxury Institute. "The Academy Awards (Oscars) is the highest ranking event in terms of awareness, followed by the Emmys and the Cannes Film Festival Cannes Film Festival Film festival held annually in Cannes, France. First held in 1946 for the recognition of artistic achievement, the festival came to provide a rendezvous for those interested in the art and influence of the movies. . Despite their high awareness, each of these events has declined in Stature as a Premier Event since last year. Demonstrating its resilience as a brand, however, the Academy Awards remains the most popularly chosen "Must See" and "Must Attend" event of the year." Thirty-three Arts and Entertainment events were rated including: The Academy Awards, American Ballet Theatre, American Music Awards, American Wine & Food Festival, Annapolis Boat Show, Aspen Filmfest, Aspen Food and Wine Classic, Cannes Film Festival, Chelsea Flower Show, Concours d'Elegance at Pebble Beach, Day Time Emmy Awards, Emmy Awards, ESPY Awards, Ft. Lauderdale International Boat Show, Golden Globe Awards, Grammy Awards, Hamptons International Film Festival, James Beard Foundation Awards, Kennedy Center Honors, Napa Valley Wine Auction, Naples Winter Wine Festival, New York City Ballet New York City Ballet, one of the foremost American dance companies of the 20th cent. It was founded by Lincoln Kirstein and George Balanchine as the Ballet Society in 1946. , New York Philharmonic, People's Choice Awards The People's Choice Awards is an awards show recognizing the people and the work of popular culture. The show has been held annually since 1975 and is one of the few to be based on the opinions of the general public. , Radio Music Awards, Screen Actor's Guild Awards, Sundance Film Festival, Taste of Vail Food and Wine Festival, The Annual Yacht and Brokerage Show, The Armory Show, Tony Awards, Tribeca Film Festival, and the World Music Awards. A nationally representative sample of 500 wealthy consumers was surveyed online about their opinions. Respondents are required to have a minimum gross annual household income of $200,000 and net worth (incl. equity in home) of $5,000,000. The survey results are weighted to match the demographic and net worth profile of the same audience according to the latest Survey of Consumer Finances The Survey of Consumer Finances (SCF) is a triennial survey of the balance sheet, pension, income, and other demographic characteristics of U.S. families. The survey also gathers information on the use of financial institutions. The study is sponsored by the U.S. from the Federal Reserve. About the Luxury Institute The Luxury Institute is the uniquely independent and objective research institution that is the trusted and respected voice of the high net worth consumer. The Institute provides a portfolio of proprietary publications and research that guides and educates high net-worth individuals and the companies that cater to them on leading edge trends, high net worth consumer rankings and ratings of luxury brands, and best practices. Publications include the monthly Wealth Report, the Luxury Brand Status Index surveys, the Luxury Best Practices surveys and the Luxury Consumer Experience Index surveys. To reach the Luxury institute, please call 646-792-2669 or go to www.luxuryinstitute.com. |
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