New report: The Emotional Landscape of Luxury Goods in Asia
Studies have shown that owning luxury items brings a range of emotional benefits including improving happiness and self-worth. However, many articles on luxury shopping focus on the image of an Asian consumer seeking the emotional benefit of status and overlooks this more intimate experience of owning luxury items. The diversity amongst Asian consumers is similarly often overlooked.
As such, in July 2024 Rakuten Insight wanted to investigate the landscape of luxury shopping through conducting a comprehensive survey across its 12 proprietary panels in Asia. This survey aimed to uncover the purchasing behaviours, preferences, and influencing factors among consumers in the region. Understanding these dynamics as well as the emotional landscape of both shopping for and owning luxury items is critical for brands catering for consumers in Asia.
Who is the ‘Asian Consumer’? A Diverse Region of Luxury Purchasers
The report highlights the varied approaches to luxury purchases across different Asian markets, from moderate engagement in China and Korea to higher frequencies in Singapore and the US, and more conservative approaches in Indonesia and India.
How Often Do We Splurge? The Frequency of Luxury Purchases
Findings show that 31.7% of respondents buy luxury items 2-3 times a year, while 24.9% reserve such purchases for special occasions. A niche group indulges more than 11 times a year, while 21.1% never purchase luxury goods.
What’s in Your Shopping Bag? Top Luxury Goods Preferences
Clothing, footwear, and cosmetics are the most preferred luxury items, with significant interest also in perfumes, technology, and lifestyle products like furniture and gourmet food.
What Drives the Desire? Key Factors Influencing Luxury Purchases
Quality, design, and brand value are the top factors driving luxury purchases, with consumers seeking superior craftsmanship, aesthetic appeal, and reputable brands.
Brand Power: Awareness of Global Luxury Icons
High recognition of global luxury brands like Gucci, Dior, and Chanel underscores effective marketing and the importance of brand heritage and exclusivity.
Where Do We Discover Luxury? Top Sources of Information
Social media is the primary source for luxury brand information, followed by brand websites and physical stores, highlighting the need for a strong digital presence.
Download the full report here!
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