Millionaires in Asia are the driving force of the luxury and financial sectors and therefore brands need to pay special attention to any new lifestyle or macro-economic trends that affect them, since they have a pronounced impact on the multiple businesses’ bottom line.
We at Agility speak and connect daily with many members of this exclusive group, to understand how they think, behave, what drives their loyalty towards brands and most recently, how the Covid-19 has impacted their lifestyle at home or when they travel.
The insights shared here are the result of thousands of interviews and conversations we have had this year with millionaires across 6 of the wealthiest Asian countries: China, Japan, India, South Korea, Singapore, and often-overlooked Taiwan.
Luckily for many brands, Asian millionaires are feeling much more positive than in the thick of the pandemic and have started again taking advantage of the privilege and lifestyle their wealth allows them.
Overall, a large share of millionaires in each country is confident that their disposable income will grow or stay the same in the year to come, with the highest rates registered in China, India and Taiwan. Millionaires are even more confident that their investments, either financial or real estate, will keep growing. In Japan and South Korea, for example, 38% and 48% expect their investments value to grow in the next year, versus only 23% and 31% who expect their income to grow. This shows regional millionaires’ confidence that the Asian economy, and with it their wealth, will keep growing at a healthy rate, despite the pandemic.
The increased confidence in the economy is driving millionaires spending on luxury products and experiences. All countries see a strong trend toward higher luxury spending, particularly in China and Taiwan, until recently the two countries which have managed the impact of the Covid-19 on the economy better than many others.
There is also a very strong pent-up demand for travel, which unfortunately has not yet found an outlet, given continued restrictions on international travel. Across all countries, India millionaires show the strongest propensity to open their wallets for leisure travel.
Millionaires are traditionally more resilient than affluent consumers during economy slow-downs. In China, millionaires have kept buying fashion clothing, handbags and jewellery in much higher numbers than affluent consumers did. In Japan, millionaires spent much more on travel and travel experiences, compared with affluent consumers.
ARE YOU MONITORING THE PULSE OF YOUR MOST IMPORTANT CUSTOMERS?
In the volatile and uncertain world of today, it is even more important to be attuned to new trends affecting consumers’ mindset and behaviour.
AFFLUENTIAL™ Millionaire Reports cover key trends on outlook and concerns, luxury and premium goods spend and purchase channels, domestic and international travel. With country-to-country benchmarks, AFFLUENTIAL™ Millionaire Reports provide a guide to delve into the nuances of this lucrative consumer segment and support the decision-making of global and regional senior leaders in the luxury and premium industries.
- AFFLUENTIAL™ Asian Millionaire Report 2021 with 800+ HNI and Millionairesinterviews in China, Japan, India, Korea, Taiwan and Singapore
- AFFLUENTIAL™ Global Millionaire Report 2021 with 1000+ HNI and Millionaires interviews in China, US, UK, France, India, Japan
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