The priorities of affluent Asian millennials could be changing in 2017. According to the ‘Affluent Insights Luxury Study 2017’, wealthy, luxury-purchasing Asians –under the age of 35 and hailing from China, Hong Kong, and Singapore — are set to value different intangible luxuries such as family time, health and travel in the coming year.
Coined ‘Generation AAA’ (which stands Affluent, Ambitious and Aspirational) by firm Agility Research & Strategy, the influential consumer segment is changing the way they approach life — eating healthier and exercising more, said report authors.
“In many ways, affluent millennials in Asia are becoming increasingly health conscious. This trend has contributed to more sales of athletic and sportswear in the region,” said Amrita Banta, managing director of Agility Research & Strategy.
The young luxury shoppers are also travelling more and surprisingly, spending more time with loved ones.
“When it comes to travel, this among the top priorities for the group. It is the third priority that we are quite surprised about – spending time with family,” added Banta.
The study attributed more family time to current global uncertainties, and the fact that young millennials are increasingly “valuing human relationships, something they can hold on to.”
But the group are still tangible luxury lovers. The study found the main fashion brands purchased by wealthy young Asians are Chanel, Dior, Louis Vuitton and Burberry, with 50% of rich Chinese millennials owning something Chanel.
In terms of celebrity brand power, David Beckham is one of the most popular faces, joining Jackie Chan, Fan Bingbing and Andy Lau.
“With the rise of health consciousness in Asia Pacific, brands should open to placing superstar athletes in their advertisements and marketing campaigns,” concluded report authors.