Asian Millionaires – Health is the Real Wealth in 2020

February 17, 2020

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SINGAPORE, Feb. 13, 2020 – Global consultancy Agility Research & Strategy released today its annual TrendLens™ 2020 report, an annual study covering key trends in lifestyles and behaviors of the high-net worth individual (HNWI) across the Asia-Pacific.

The report explores the mindset, lifestyle and purchasing motivations of over 1,250 millionaires across 8 markets in the Asia Pacific, including: Mainland China, Hong Kong, Singapore, Japan, South Korea, India, Indonesia, and Malaysia, with additional markets planned during the year. TrendLens™ 2020 is the only report focused solely on the needs and motivations of this coveted segment.

The in-depth interviews conducted by Agility explore areas including the following:

– How do millionaires see 2020? When thinking about their own future and major global issues, are they optimistic or pessimistic?
– What are millionaires’ priorities in life, and what concerns them the most?
– What are their financial behaviours and attitudes to wealth?
– How will their spending patterns change in 2020?
– How do they define luxury and why do they buy luxury items and experiences?
– To what extent are ethical considerations important when choosing a luxury brand?
– What personality traits do they have, and how do these compare with other consumer types?
– How important is wellness in their lives?
– What are their travel habits and preferences – where do they go, how do they like to travel, what are their expectations?
– What are their preferred brands in a variety of categories, including: fashion, jewellery and watches, spirits, cosmetics and fragrances.
– What are their media consumption habits?
– What new lifestyle activities are they engaging in?

Some key highlights from the report include:

They are optimistic – 74% of millionaires in Asia expect their economic well-being to improve this year and most expect their disposable income and spending on luxury to continue to increase.
They are “PhyGital” – 69% have bought a luxury item either on a computer or mobile phone in the past 6 months, however two-thirds prefer the experience of buying luxury products in-store.
They are increasingly interested in local designers and brands – Asian millionaires are split between expecting the next evolution in luxury to come from Western designers and brands (52%) and Asian designers and brands (44%).
They care about sustainability and ethics when choosing a brand – 72% pay attention to the ethics of the brands and care that the brands they buy are ethically responsible. And 73% would choose a brand that costs more if it is eco-friendly and sustainable.
Living a healthy lifestyle is their top overall life priority, followed by financial success and their children’s education.

The TrendLens™ 2020 report is the preferred choice for luxury brands’ C suite and senior executives to truly understand and tap into the pulse of the millionaire consumer in the Asia Pacific, an invaluable solution that provides insights into the mindset of this coveted consumer. This annual study is key to help brands and marketers win in a hyper competitive and dynamic marketplace.

The TrendLens™ 2020 report is available to subscribers worldwide. For more information, please visit our website or contact our consultant team at jason@agility-research.com

Agility will be holding a Webinar on key findings on Asian millionaires on March 12^th 2020. Please contact ai.xin@agility-research.com to register.