Asian Rich Are Redefining Luxury, According to Agility Research & Strategy
According to Agility’s 2021 just released Asian Millionaire report, countries in the region are seeing higher luxury spending as economies continue recovering from the COVID-19 pandemic. Many Asian millionaires are also embracing a more personal view of luxury and are gravitating towards more sustainable brands. The report is based on interviews with millionaires in six of Asia’s wealthiest markets: China, Japan, India, South Korea, Singapore and Taiwan.
“Asian millionaires have weathered the pandemic better than many, yet they are not unaffected” said Amrita Banta, managing director at Agility Research & Strategy, Singapore. “The most relevant impact is not on their wealth, which they expect will continue to grow now that the pandemic is mostly under control in this part of the world; it is rather on their mindset and lifestyle.”
According to Banta, luxury is now something that makes life enjoyable and comfortable again, in a world where simple pleasures like dining out with friends seem a luxury few can afford.
