|Agility Research & Strategy is a top ten globally ranked insights and strategy consultancy with a core focus on affluent consumers for luxury and premium brands. With a wide range of solutions and methodologies and more than 1,000 client success user cases, Luxury Daily recognizes Agility’s achievement in market research this year.|
Near the end of 2019, Agility released a report examining how China’s millennial and Gen Z audiences were looking to shift the way luxury brands engaged with them. The study showed that these consumers looked for brands that would speak with them not at them and would make consumers feel influential rather than influenced.
Hong Kong is a key market for luxury watches, real estate, travel and tourist, fine dining, and financial services. Image credit: Agility Research & Strategy
According to the data, 41 percent of millennials and 33 percent of Gen Z consumers said that they were planning to spend more on luxury in the next 12 months (see story).
Agility’s focus on Asian affluent consumers took on greater relevance as the luxury market in China and nearby countries recovered from the pandemic quicker than the United States and Europe.
After the rapid onset of the COVID-19 pandemic, Agility hosted a three-part, 90-minute online session on the habits and behaviors of affluent consumers. Agility managing director Amrita Banta unveiled the company’s latest research gathered in June from interviews with more than 5,000 Asian high-net-worth individuals and millionaires.
The data also sourced from exclusive interviews with global luxury brands’ senior executives offering insights on best strategies to restart growth in Asia (see story).
During a keynote presentation at the Future of Luxury eConference in September produced by Luxury Daily, a director from Agility spoke about the attitudes of Asian affluents as they entered a post-COVID era ahead of the rest of the world. At the time, affluent consumers were still interested in traveling and spending as restrictions began to lift despite an initial decline in optimism and luxury spending (see story).
As Asia continued to steadily recover from the pandemic, luxury brands began investing in the market again. During a Luxury Consumer Outlook 2021 webinar hosted by Agility, managing director Amrita Banta shared what the luxury sector can expect from HNWI across Asia and how travel restrictions have redirected purchasing of luxury goods, particularly in beauty, jewelry, automotive and consumer technology (see story).
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