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
The affluent Asian Traveller presents significant potential for brands wishing to participate in the real sustainable surge in Asian luxury and premium travel.
To uncover their travel patterns and behaviour, Agility Research & Strategy conducted a survey in six fast-growth Asian markets – China, Hong Kong, India, Indonesia, Malaysia, and Singapore. A total of 1003 respondents participated in the online-administered research initiative in the second quarter of 2013.
High luxury motor car manufacturer Rolls-Royce kicked off ‘The Icon Tour’ on April 22, at the Flower Dome in Gardens by the Bay to celebrate 110 years. The tour showcased the exemplary company history and renowned icons Ghost, Wraith and Phantom, with factory artisans present. Rolls-Royce places great emphasis on the bespoke business as the majority of ultra-high net worth customers (UHNWI) seek extensive personalization. Rolls-Royce is eyeing the Asian market for its good potential; the tour is set to make further stops in Tokyo, Hong Kong, and Seoul.