The Visa Asia Pacific Affluent Study 2015 interviewed 500 respondents from each market - Australia, China, Hong Kong, India, Indonesia, Japan, Singapore and South Korea – to determine how affluent consumers behave.
Unique and exclusive goods or experiences that confer status are key to attracting Asia Pacific’s wealthiest.
The Visa Asia Pacific Affluent Study 2015 interviewed 500 respondents from each market - Australia, China, Hong Kong, India, Indonesia, Japan, Singapore and South Korea – to determine how affluent consumers behave.
It concludes that a large proportion of affluents describe themselves as ‘status seekers’, motivated to purchase luxury goods to display their social standing. Chinese affluents were most likely to be motivated by displays of wealth, with 38 percent agreeing to the description, compared to 27 percent of Singapore affluents surveyed.
The more affluent in Indonesia and Australia, however, appear to be driven by other considerations. More than a quarter (or 28 percent) of Indonesian affluents surveyed valued exclusivity, while a similar proportion (27 percent) of Australian affluents want a sense of fulfillment from unique products and experiences.
Top spending categories for status seekers include designer items, luxury holidays, fine dining and home entertainment.
“What drives Asia Pacific’s affluent in making luxury purchase decisions varies across the region, but the common factor is the search for unique products and services that give a sense of status and exclusivity,” said Ruben Salazar, Vice president, Products, Visa Asia Pacific.
“While quality remains important for most consumers, Asia Pacific’s affluent are continuously looking to go beyond quality guarantee to find that special product or experience that stands out from the crowd and that gives a sense of self-satisfaction.”