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Sunday, May 2, 2010

Evolution of Asia’s Luxury Obsession

The role of luxury goods in Asian societies is a fascinating topic. Among those from whom I have learned most about the subject are Asian luxury specialist Radha Chadha and co-author of the book The Cult of the Luxury Brand.

Ipsos, the research firm, recently presented their take on the progression towards luxury by various markets.

The description of Japan highlights the unique way that Japanese relate to luxury, relative to the rest of Asia (and perhaps the world).

Ipsos describes Japanese as “Locked into Luxe habits”. Others speak about Japan as an example of “Mass Luxury”. Both concepts are apparent contradictions in terms - luxury is supposed to be something special, not everyday - but how else can you explain the obsession by Japanese consumers for luxury goods?

According to Ipsos, Korea, Hong Kong and Singapore are headed the direction of Japan.

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