Value, quality of service and price alignment: the trends of the Asian luxury consumer

The Bluebell report “Asia Lifestyle Consumer Profile 2024”, published on March 11, offers an insight into the dynamics of Asian luxury consumers. The study identifies trends such as the growing importance of quality, reputation and investment in high-end products. Consumers in the region also express high expectations in terms of service, while showing varied preferences in terms of online shopping.

The Asian luxury market is impacted by emerging trends and changes in consumer behavior. Bluebell Group, the leading distributor and brand operator in Asia, has just unveiled the fourth volume of its report entitled “Asia Lifestyle Consumer Profile 2024”.

This study highlights the drivers and trends of consumption in the most dynamic Asian markets. Based on a survey of 1,750 high-end lifestyle consumers in six key Asian markets – Mainland China, Japan, South Korea, Hong Kong, Taiwan, and Southeast Asia (Singapore and Malaysia) – it provides an overview of Asian consumers’ preferences and attitudes.

Despite the challenges posed by the pandemic and global economic uncertainties, consumer sentiment in Asia remains robust. China maintains a high level of consistent optimism, with 97% of respondents expressing positivity about the future, representing a 17% increase from 2021.

A similar trend is observed in Southeast Asia, where 93% of those surveyed expressed optimism, marking a significant increase from previous years.

Priority on quality, reputation, and investment

One of the main conclusions of the study lies in the evolution of the luxury paradigm in Asia. Consumers now place increased importance on the quality, reputation, and investment value of luxury products. Quality is identified as a paramount criterion, with over 70% of consumers emphasizing the importance of craftsmanship. China and Taiwan particularly show high rates of 94% and 93%, respectively.

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Featured photo : © Bottega Veneta