Cashed-up Asian shoppers are switching their retail allegiances from long-time favourites Hong Kong and Singapore, and it’s not just for a change of scenery.
Japan, South Korea and Taiwan are the new regional hotspots for selective shoppers, experts say, because they offer a mix of attractive exchange rates and must-have products.
The Americas and Europe are still the world’s two largest luxury hubs, with 34 and 33 percent of the market respectively, according to the Altagamma 2015 Worldwide Markets Monitor report by Bain & Company. The report calculates market-share based on the value of the luxury goods purchased. Asia holds 28 percent of the global personal luxury goods market, but the regional distribution is changing.