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Bluebell Group, Asia’s leading retailer and brand operator, recently released the second volume of its study on Asian high-end and luxury consumer habits.
The study revealed its findings from a survey of 2,100 consumers in mainland China, Japan, South Korea, Hong Kong, Taiwan, and Southeast Asia (Singapore and Malaysia). In particular, the survey was able to identify the main purchasing trends of Asian consumers and the way they inform themselves before buying luxury products.
These purchases were targeted in particular on the high-end and luxury segments of fashion, accessories, shoes, beauty, perfumes, make-up as well as jewelry and watches.
What are the trends in luxury purchases?
First of all, the study highlighted that the Chinese are the ones who are showing more and more interest in niche brands that less people know about, but which focus on high quality and offer a wide range of different styles. Their interest in these brands has increased by 34% compared to last year. Next are the Taiwanese, tied with the Japanese, both up 31%.
In addition, since the slowdown of the health crisis around the world, all sectors are gradually recovering and can now begin to welcome their customers in their points of sale or via physical events. This is particularly the case for the high-end and luxury segment, which is taking advantage of the return to “normal life” to organize various brand experiences.
Faced with a more demanding clientele, brands must also renew themselves and innovate through the implementation of new technologies, such as NFT experiences (which Gucci, Yves Saint Laurent or Prada have already deployed in the past).
Consumer demand and interest in events, technologies, entertainment, or games continues to grow across Asia. Japan is the country showing the most interest in these types of events, with an increase of 27% over 2021, followed by Hong Kong with 8%.
Finally, the luxury second-hand market, which is expanding worldwide, is also gaining ground in Asia. The largest increase in Asian consumer interest in this sector was recorded in Taiwan with 26%, followed by Japan with 22%.
How are consumers getting informed?
The study also revealed which channels most influence Asian consumers in their luxury purchases. It found that social media remains the most effective channel in driving Asian consumers to purchase, at 44%. In particular, South Koreans are the most likely to feel influenced by social media, at 60%; followed by China (around 50%).
Instagram is notably the dominant social network in Asia in influencing luxury purchases, despite strong local channels. Chinese people follow their favorite luxury brands the most on Instagram with 84%, followed very closely by South Korea with 81% and, finally, Taiwan (76%). Japan, however, has the lowest percentage (54%).
Overall, the six Asian markets surveyed all favor local accounts of major brands rather than their international counterparts.
When it comes to other channels, the Chinese favor the brand’s website experience at 45%, while Southeast Asian countries, Singapore, and Malaysia, are more likely to feel influenced by the in-store environment (26%). Hong Kong stands out and is more influenced by magazines and newspapers, at 24%.
Finally, the private circle of family or friends can exert some influence on consumers’ buying trends. The Chinese once again dominate the ranking, with a 35% chance of being more influenced by them, followed closely by Taiwan.
Read also > AFTER 22 YEARS OF PROCEEDINGS, MANOLO BLAHNIK FINALLY ALLOWED TO USE HIS NAME IN CHINA
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Bluebell Group, Asia’s leading retailer and brand operator, recently released the second volume of its study on Asian high-end and luxury consumer habits.
The study revealed its findings from a survey of 2,100 consumers in mainland China, Japan, South Korea, Hong Kong, Taiwan, and Southeast Asia (Singapore and Malaysia). In particular, the survey was able to identify the main purchasing trends of Asian consumers and the way they inform themselves before buying luxury products.
These purchases were targeted in particular on the high-end and luxury segments of fashion, accessories, shoes, beauty, perfumes, make-up as well as jewelry and watches.
What are the trends in luxury purchases?
First of all, the study highlighted that the Chinese are the ones who are showing more and more interest in niche brands that less people know about, but which focus on high quality and offer a wide range of different styles. Their interest in these brands has increased by 34% compared to last year. Next are the Taiwanese, tied with the Japanese, both up 31%.
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Bluebell Group, Asia’s leading retailer and brand operator, recently released the second volume of its study on Asian high-end and luxury consumer habits.
The study revealed its findings from a survey of 2,100 consumers in mainland China, Japan, South Korea, Hong Kong, Taiwan, and Southeast Asia (Singapore and Malaysia). In particular, the survey was able to identify the main purchasing trends of Asian consumers and the way they inform themselves before buying luxury products.
These purchases were targeted in particular on the high-end and luxury segments of fashion, accessories, shoes, beauty, perfumes, make-up as well as jewelry and watches.
What are the trends in luxury purchases?
First of all, the study highlighted that the Chinese are the ones who are showing more and more interest in niche brands that less people know about, but which focus on high quality and offer a wide range of different styles. Their interest in these brands has increased by 34% compared to last year. Next are the Taiwanese, tied with the Japanese, both up 31%.
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