Southeast Asia a new emerging market for luxury goods: survey

Southeast Asia a new emerging market for luxury goods: survey

Southeast Asia has been identified as a new emerging market for luxury goods, according to a 2012 survey by management consulting firm Bain and Company.

SINGAPORE: Southeast Asia has been identified as a new emerging market for luxury goods, according to a 2012 survey by management consulting firm Bain and Company.

The survey showed that the global demand for luxury goods continued to grow, with China overtaking Japan as the luxury sector's second market, behind the United States.

Chinese consumers also now make half of the luxury purchases in all of Asia, and nearly one third of those in Europe.

The Southeast Asian market is projected to grow between 15 and 25 per cent in the next five years.

The survey also found that more people, including men, are going online to shop for their luxury goods.

And more players are investing in this area to feed the demand in Asia.

In Singapore, online retailer of luxury goods Reebonz said it has noticed a similar trend here. It attributes this to convenience, better prices and a wider range of products that can be found online.

The retailer celebrates its fourth anniversary this year.

Mr Daniel Lim, Co-founder of Reebonz, said: "We see more and more Singaporeans shopping with us... they not only want to consume it at retail stores but also online, at any point of time so we have things like our mobile apps, our website. Luxury must be accessible to consumers."

- CNA/de


- wong chee tat :)