Preferred luxury goods to purchase APAC 2024, by country or territory

According to a survey on luxury goods conducted by Rakuten Insight in the Asia-Pacific region in July 2024, about 60 percent of respondents from Thailand stated that they preferred to purchase luxury clothing. Meanwhile, around 50 percent of respondents in China preferred to buy luxury cosmetics and skincare.

Luxury purchase behavior

Consumers in the Asia-Pacific region formed the largest share of the luxury goods market in the world, with China and Japan generating the highest revenue in the region. Leading factors that influenced consumers to buy luxury goods were mostly the high quality of the products and the brand value across APAC, but for consumers in Japan, design was one of the leading factors that influenced their luxury goods purchases. Regarding purchase frequency, Chinese consumers usually bought luxury products two to three times a year.

Luxury goods meet sustainability

A considerable number of affluent consumers’ opinions on luxury shopping and sustainability shifted towards an interest in buying sustainable products, such as electric cars or organic clothing. However, only a few were interested in buying second-hand clothes or renting clothes. When affluent consumers were asked in a survey if they were willing to pay more for sustainable luxury, over 20 percent of the respondents stated that they were not prepared to pay more. Most of the respondents would pay 5 to 10 percent more for a sustainable luxury product, showing a slow shift towards sustainable consumption practices.