The article ‘Get To Know the Asian Consumers of 2024’ posted recently on Retail in Asia website, discusses the findings of a survey conducted across Asian markets focusing on the perceptions of luxury brands among Asian consumers amidst global instability and economic uncertainties.
Major trends that emerged from the report:
🛍️Value Appreciation: There is a shift in the luxury paradigm in Asia, emphasizing quality, brand reputation, and resale or investment value. Asian consumers prioritize quality, with a significant focus on brand reputation and a growing awareness of resale value. Mindful consumption is also emerging, with consumers acquiring fewer products but placing importance on those with perceived resale value.
🛍️Quality of Service: Asian consumers expect special perks and tailored experiences from luxury brands during their shopping journeys. There is a willingness to accept rising prices if brands deliver on product quality. However, preferences for perks and acceptance of price increases vary across markets, highlighting the need for tailored service levels to meet diverse consumer needs.
💴Pricing Alignment: Consumer preferences for online shopping differ between favoring brand official websites and multi-brand online platforms. Some markets prefer brand official websites for direct brand engagement and authenticity, while others prioritize multi-brand platforms for choice, pricing, and convenience. Preferences also vary across product categories, with beauty leaning towards multi-brand platforms and jewelry & watches favoring brand official websites.
💻Online payment: Digital payments have revolutionized the Chinese luxury fashion market, offering convenience and security for both consumers and businesses. With popular platforms like Alipay and WeChat Pay dominating the market, purchasing high-end fashion items has become seamless and efficient. This shift towards digital payments has also opened up opportunities for luxury brands to engage with consumers through targeted marketing and loyalty programs, further driving growth in the sector.
📌AI & Customer service: Many people find it easiest to use AI for online shopping. By making these services readily available it helps improve the customer experience. This technological development underscores the importance for businesses to adapt to evolving consumer behaviors by seamlessly integrating AI solutions into their customer service offerings, ultimately enhancing the overall customer experience.
🔗This article highlights the changing consumer behaviors and values in the Asian luxury market, highlighting the importance of quality, tailored experiences, and pricing alignment for luxury brands to succeed in the region.
🔎How to engage your target consumers in 2024? Contact EGGsist to design your tailored digital strategy.
Keep Following EGGsist Insights to discover more!
#digitalpayments #digitalstrategy #marketingcampaigns #chinadigital
