FEATURED Luxury Daily: Luxury market in Asia will remain resilient in 2021: Agility
Some HWNI seem to be motivated to buy less, but more expensive, luxury goods, further putting smaller and emerging high-end brands at risk. The consumers who continue to shop in-store are the most brand loyal and will spend more than aspirational luxury shoppers.
Affluents in Asia are also fueling ecommerce growth. According to research from Agility, more than half of respondents from India and more than a third of respondents from China now preferring to buy luxury goods online because of the added convenience.
As the pace of life slowed down, consumers also found themselves with more to think through purchases. Affluents have been able to reassess their perception of brands and sustainability has become more of a priority since the start of the pandemic.
“There’s a willingness to pay a premium for brands that are sustainable, for ethical brands or brands that are conscious of the world around them,” Ms. Banta said. “There is definitely luxury with a purpose and a more responsible consumer.”
Earlier research from Agility also showed that due to lockdowns, affluents in Asia have also been choosing to spend more on cars, art and electronics, in addition to wellness offerings. Interest has rebounded in goods that are high-quality and improve quality of life (see story).