FEATURED LUXURY SOCIETY: The Buying Power of Affluent Asian Women
According to the latest Affluent Insights™ into Asia, women are increasingly becoming self-made millionaires. Agility’s study looks at why it is crucial for brands to understand the changing ways affluent female consumers view and spend their money.
The idea of an affluent woman brings up the image of a consumer who enjoys luxury shopping and travel; someone who is more concerned with looking good and living well rather than spending wisely. Yet in Agility’s latest Affluent Insights™ luxury study, we are seeing women increasingly becoming self-made millionaires. Women are truly acting as financially savvy consumers, concerned with saving and planning for the long-term. Now more than ever, it is crucial for brands to understand the changing ways affluent female consumers view and spend their money.
Our Affluent Asian woman study spans across 8 major markets—from China and Hong Kong to Thailand, Malaysia, Singapore, and South Korea, Japan and Australia. We at Agility have a keen interest in following the rise of affluent women in order to interpret their changing consumer behaviour.
Image credit: Affluent Insights™ Luxury Study 2017-18. Image: Please rate how strongly you agree or disagree with each of the following statements (top-2-box, Agree %).
Furthermore, women are quickly leading in domains of spending traditionally viewed as “masculine” domains. Our study finds that cars make up the highest amount of spending in female affluent consumers’ share of wallet in China and Hong Kong.
Image credit: Affluent Insights™ Luxury Study 2017-18. Image: Hong Kong – How much did you spend in the following categories in the last 12 months?
Image credit: Affluent Insights™ Luxury Study 2017-18. Image: China – How much did you spend in the following categories in the last 12 months?
While an average of 7 in 10 women across all markets own domestic property, at least 1 in 2 women in all markets, except Japan, own domestic property as an investment. These numbers signify that women have moved beyond the image of simply purchasing and owning personal luxury goods to making overall investment decisions.
Image credit: Affluent Insights™ Luxury Study 2017-18. Image: Which of the following types of properties do you currently own?
What does this mean for brands that wish to reach out meaningfully to them?
The answer is simple: while still important, luxury is no longer a matter of “at whatever cost necessary”. These women expect the best experiences at the best price.
Image credit: Affluent Insights™ Luxury Study 2017-18. Image: What does “luxury” mean to you?
Our studies indicate that these women prize customized and privileged interactions with brands, particularly in physical stores. This is why brand encounters and events have the most influence over their purchasing intentions. No matter what the luxury good is, affluent women indicated that the majority of their purchases are still completed in physical stores.
Their desire to travel overseas for vacations reflects exactly that: affluent women consider travelling as an experience linked directly to a higher quality of life. Our studies find that the lion’s share of the affluent woman’s discretionary spending is allocated to travel (tickets, accommodation, cruises, travel experiences, etc).
More than half of the women in China, Thailand and Malaysia, however, travel with the intention of purchasing luxury items.
Image credit: Affluent Insights™ Luxury Study 2017-18