Luxury goods market in the Asia-Pacific region - statistics & facts
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The personal luxury goods market in the Asia-Pacific region (APAC) is the largest in the world, with China and Japan dominating the market. China and Japan alone account for more than half of the luxury goods market value of the region.
Shopping for luxury products is an experience where consumers not only pay a high price for the product itself, but also for the service that accompanies it. However, even the luxury shopping experience has seen a shift in recent years, with e-commerce and online services becoming more prevalent.
The APAC region is the largest market for many of the most valuable luxury brands in the world. Among the luxury brands, Chanel and Gucci seemed to be the most well-known brands among consumers in APAC. Meanwhile, Louis Vuitton was most known among consumers in Singapore and Thailand. The LVMH Group generated over one-third of its revenue in the APAC market. The conglomerate LVMH Group is the parent corporation of many known luxury brands, including Louis Vuitton and Dior. Similar to the LVMH Group, Gucci’s revenue established the highest share in the APAC market.
The APAC region will likely remain the dominant luxury goods market, although changes in shopping behavior will continue to shape the current market. A new generation of shoppers and their shifting online shopping behavior demand an appropriate response from brands and their luxury services.
Which luxury goods are consumers buying?
Luxury watches, jewelry, and luxury fashion are the leading segments of the luxury goods market in APAC. However, Chinese consumers preferred to buy luxury cosmetics and skincare, whereas consumers from South Korea preferred to purchase luxury bags. Most of the Southeast Asian countries favored buying clothing items or also perfumes, but consumers from Australia mostly bought premium or luxury smartphones.The APAC region is the largest market for many of the most valuable luxury brands in the world. Among the luxury brands, Chanel and Gucci seemed to be the most well-known brands among consumers in APAC. Meanwhile, Louis Vuitton was most known among consumers in Singapore and Thailand. The LVMH Group generated over one-third of its revenue in the APAC market. The conglomerate LVMH Group is the parent corporation of many known luxury brands, including Louis Vuitton and Dior. Similar to the LVMH Group, Gucci’s revenue established the highest share in the APAC market.
Luxury shopping experience
In a burgeoning time of e-commerce, luxury shopping takes place mostly offline and is predicted to stay that way. Unlike other consumer products, one of the main appeals of luxury shopping is the shopping experience. Besides the product itself, the prestige and exclusivity surrounding it serve an important role in luxury shopping. For instance, the leading information source among luxury consumers used to be brand stores. However, with the influx of a new generation of consumers, online services are becoming as important. In many APAC countries, the leading information sources for luxury goods have become social media channels and brand websites. This emphasizes the dominance of e-commerce and online shopping, even for the luxury goods market.The APAC region will likely remain the dominant luxury goods market, although changes in shopping behavior will continue to shape the current market. A new generation of shoppers and their shifting online shopping behavior demand an appropriate response from brands and their luxury services.
