Retail in Asia

In Trends

Asian consumers’ preferred travel destinations reveal retail expansion opportunities

Nearly 80 percent of affluent Asian consumers plan to increase spending on travel, according to a new report from Agility Monitor.

While it is no big secret that spending and travel are on the rise in China and elsewhere in Asia, consumers nonetheless plan to stay regional, with Hong Kong, Tokyo and Osaka, Japan being the most popular destinations among all affluent Asian travelers. While some preferred destinations are already luxury hubs, others offer opportunities for brands to be among the first shopping destinations in the locale.

Luxury retailers need to have insights and information about these travelers to work around their needs and choices,” said Amrita Banta, managing director of Agility Research.

“Luxury shopping has seen a steep rise in Japan given all the Asian travel there recently; however luxury brands need to appeal to the travelers as a whole so they connect with them and can be a preferred choice at home and abroad,” she said.

“These affluent asian travelers are looking for good service/quality and uniqueness, and thats what luxury brands needs to provide – local Chinese speaking staff, ability to communicate on WeChat, etc.” 

“Affluent Insights Travel Consumer Report” surveyed 2,441 affluent individuals in eight Asian markets. The income level qualifying affluence varied with each market but generally hovered around the equivalent of $100,000 and the top 20 percent based on annual household income in the market.

(Source: Luxury Daily )