Affluent Asian women don’t only demand great quality from luxury brands, but also expect exclusivity and uniqueness – they want a product which is an extension and representation of who they are and what they have achieved, according to a new report.
Market research firm Agility Research & Strategy did a survey during May and June 2013 to learn the behaviour of the affluent Asian woman and understand the business potential luxury brands can realize in six fast growth Asian markets. The survey covered 18 to 35 year old female respondents from China, Hong Kong, India, Indonesia, Malaysia, and Singapore. A total of 560 respondents participated in the research.
"Affluent Asian females primarily associate luxury with price, affordability and branded goods. As such they have become highly conscious of the quality of their purchases. They are increasingly considering product quality in relation to price as the most important parameter when making any purchase. Regardless of the price they are paying for a product, they expect great quality from luxury brands," said Amrita Banta, managing director of Agility Research & Strategy.
Sales of luxury fashion accessories and watches are driven by a desire for exclusivity and uniqueness of product. When purchasing these items, Affluent women want to make a personal statement of uniqueness and individualism, the research reveals.
However, when purchasing technology, affluent women are not driven by the same desire for exclusivity due to the commoditisation of the market.
European fashion houses dominate the first nine spots on the top rated fashion brand list with Chanel, Prada, Christian Dior, Louis Vuitton and Gucci forming the top five, the survey shows.
Fashion houses have successfully launched into the lucrative watch market, with Chanel and Dior appearing in the top five rated brands for watches. Affluent Asian Females rate Rolex as the top rated brand due to its superior quality, craftsman-ship and exclusivity.
Apple dominates the top rated technology products for affluent Asian women. iPhone, iPad and general Apple products emerge as the top rated brands. Samsung products are also highly rated, the survey shows.