|Unsurprisingly, consumer confidence has taken a hit in the last 6 months among affluent and HNW individuals in Asia.
While their wealth through high savings has shielded them from the worst consequences of the Covid-19 situation, the economic slowdown and health concerns have not left them untouched. Concerns about the impact on the economy have made them more conscious when purchasing luxury goods. Lingering concerns about travel safety have made them more likely to choose domestic destinations or countries closer to home when international travel does reopen.
Yet analyzing our data, we see how, despite concerns about the economy worsening, consumers remain relatively optimistic on their own financial prospects and economic situation – particularly affluent Chinese and Koreans.
Our data show that more Chinese and Korean affluent consumers still expect their economic wellbeing and disposable income to increase rather than decrease in the next 12 months.