Asia Consumer Lifestyle: Evolving Trends in Premium and Luxury Consumption

Bluebell Group, Asia’s leading brand distributor and operator, has released the third volume of the “Asia Lifestyle Consumer Profile.” This study, based on a survey of 1,765 premium lifestyle consumers across six markets, provides valuable insights into the changing sentiments and trends shaping premium and luxury consumption in various segments, including fashion, accessories, footwear, beauty, fragrance, make-up, active lifestyle, and jewellery.

The study highlights three core trends that have emerged:

Trend 1 – ‘Safe’ luxury: Consumers find comfort in traditional attitudes towards luxury. There has been a resurgence of interest in luxury brands that represent status and have a strong reputation. However, consumers show different comfort zones when it comes to shopping for pre-owned items, local brands, and niche products. During the pandemic, premium and luxury brands focused on nurturing consumer relationships through innovative retail solutions, and consumers now expect a heightened level of service excellence, particularly in Asia.

Trend 2 – The ‘Feel Good’ value shift: Consumers prioritize health, naturalness, and ethical values. While consumers have a strong desire to indulge and make up for lost time, their definition of feeling good extends beyond self-gratification. Ethical and sustainable values are now important considerations in the pleasure of purchasing premium and luxury products. Interest in ‘natural choice’ brands has increased, and consumers across markets prefer brands that prioritize natural ingredients or fabrics. There has also been significant growth in consumers who attach importance to a brand’s ethics and values.

Trend 3 – New horizons: Domestic and regional travel appeal. Mainland Chinese and Japanese consumers are increasingly drawn to local destinations, even as international destinations try to attract them. While travelers from other Asian markets are willing to spend on experiences, mainland Chinese travelers prioritize shopping both abroad and at home. Domestic destinations are becoming popular among consumers, with spending on experiences such as food and beverage, spas, and concerts topping the list. Mainland Chinese consumers, however, are more likely to spend on luxury fashion, beauty and skincare, and jewelry and watches during domestic travel. Luxury fashion remains the top spending category for consumers from Japan, Korea, and Taiwan during international travel.

Bluebell Group’s “Asia Lifestyle Consumer Profile” provides valuable insights into the evolving preferences and behaviors of premium lifestyle consumers in Asia. The study highlights the importance of brand reputation, service excellence, ethical values, and travel preferences in shaping consumption patterns. As the luxury market continues to evolve, brands can use these insights to tailor their offerings and enhance customer experiences to meet the changing demands of the Asian market.

31 May 2023

Author: Terry KS

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