There is a notable shift in the luxury paradigm across Asia, with consumers placing increased emphasis on quality, reputation, and the investment value of products, according to a new report by Bluebell Group, Asia’s premier brand distributor and operator.
The fourth volume of its ‘Asia Lifestyle Consumer Profile’ report, covering consumers across six markets — Mainland China, Japan, South Korea, Hong Kong, Taiwan and Southeast Asia (Singapore and Malaysia) — found that 70% of respondents are prioritizing craftsmanship over brand or design.
Still, brand reputation continues to be a critical determinant in luxury purchases, with China at 96%, Southeast Asia at 91% and Taiwan at 90%. In particular, there is a growing support of Asian premium brands. China is leading the trend with a strong support rate of 85% for Asian premium brands, followed by Southeast Asia at 83%.
Moreover, there’s a growing trend towards mindful consumption, with 74% of consumers expressing an inclination towards evaluating the resale value of their purchases.
Beyond their purchases, asian consumers are taking note of service, with an expectation of being rewarded with special perks by brands during their shopping journeys, particularly in China (97%), Taiwan (92%), and Hong Kong (91%).
These findings also underscore the importance of tailoring service levels physically and beyond the store to meet the diverse needs and preferences of consumers across Asia. In fact, consumers said they are willing to accept rising prices if brands deliver on quality and craftsmanship, with strong acceptance observed in China (88%) and Southeast Asia (78%).
Lastly, online shopping preferences vary across markets, with some consumers favoring brand official websites for direct engagement, while others opt for multi-brand platforms for choice, pricing, and convenience.
Brands are advised to align on price consistency across different channels to control brand image and mitigate potential reputation damage.
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