As the population of high-net-worth individuals in Asia continues to climb, these affluents are changing their perspective on luxury consumption.
Asian affluents want more high-quality services and privileges than the general HNW population, according to Agility Research’s 2019 Affluent Insights study. While some nationalities define luxury as quality goods and services, others seek out a luxurious quality of life.
“Except for some more mature markets like Japan, the bulk of the luxury consumers in the region tend to be quite young and are still forming their opinions about luxury,” said Ali Mirza, CEO of Affluential, Hong Kong. “As they become better acquainted with luxury brands and have more disposable income, they start looking for new ways to enjoy luxury and connect with luxury brands.
Data from this study is taken from our Affluent Insights™ Millionaire Luxury Report.