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That was one of the findings of a new survey on luxury buying habits published by Singapore-based research and consulting agency Agility Research, which interviewed 3,000 U.S., Chinese, Hong Kong, and Singaporean consumers in the top 25th percentile for household income of their country’s population over the month of October 2014.
SINGAPORE: Both Chinese and American affluent consumers expect quality when considering luxury products, but exclusivity carries a much higher premium
A recent survey from Agility Research & Strategy has found that US and Chinese consumers behave differently when it comes to making luxury purchases. The survey looked at the different ways the two consumer populations think about and purchase luxury products…
For many luxury brands, Asia seems to be the next best destination. With its strong base of millionaires and nouveau riche, the luxury goods and services sector is sure to see a steady increase in demand in the coming years. Asia replaced North America as the region with the highest number of high net worth individuals in 2013.
Agility Research has identified four key areas of the affluent consumer market, a segment it said was now occupying the top 25% income levels of key markets around the world.
Titled “Affluent Luxury Consumer Segmentation”, the research shows affluent consumers are a growing class who can not be ignored by marketers.
“Given their purchasing power and market influence, they cannot be ignored by the marketers” said report said.
The four key profiles are the Exclusivity Seeker, Indulgent Traveler, Virtual Shopper, Luxury Bargain Hunter. Here’s how brands can identify them.
Not all affluent consumers are the same, but finding common characteristics that defines segments in this market can help us understand and better target this high value consumer base. Focusing on smaller homogeneous groups that think and behave in a similar fashion allows a brand to customize its offering, making them more relevant to the consumer. Nowadays, luxury is about providing a personable, customization experience to the end user.
For our final article in the Summer Festival fashion week we look at the online shopper from Asia who values quality, exclusivity and uniqueness when buying luxury. They research online, and are also looking for a brand experience. The competitiveness of the online retail landscape means that online luxury retailers need to address these key consumer concerns and consider these as fundamental requirements to fulfill.
Looking to attract affluent Asian consumers in a luxury environment online? Agility Research & Strategy has released an infographic based
Research and consultancy agency Agility Research & Strategy shares a series of perspectives, trends, insights and opinions on luxury brands