FEATURED WARC: Why affluent Chinese women are different
HONG KONG: Affluent Chinese women have a different take on luxury from women elsewhere in Asia Pacific and even within this segment, Hong Kong women can have very different views from their mainland counterparts, research suggests.
A report from Agility Research & Strategy, Asia Pacific Affluent Woman 2017-18, looked at the shopping habits of 1,348 affluent females across eight APAC countries, including China and Hong Kong.
Jing Daily dived into the findings and highlighted five ways in which, it argued, Chinese women’s view of luxury diverges from that of the peers in the wider region.
Where the latter tend to associate luxury with price and quality of life, Chinese women “expect luxury brands to be a symbol of their identity and elevated status in society”, according to Amrita Banta, managing director of Agility Research & Strategy.
They are also more likely to be influenced by social media, which not only sways their choice of brand but also allows them to display what they themselves have bought.
Mainland Chinese women were also the most optimistic about the growth of their wealth and income – meaning they have the strongest intent to buy luxury items.
And, unlike their Hong Kong counterparts, they remain focused on products rather than experiences, although the latter may disguise true intent.
The most-frequently purchased categories by affluent women in mainland China were skincare, makeup, and fashion. In contrast, Hong Kong women bought accommodation, travel experiences, and airline tickets.
“The overall spending trend in Asia is focused on luxury travel and experiences, but for Chinese customers, travel is still a means of hauling in more luxury goods,” Jing Daily noted.
And while both sets of women like foreign brands, their touchpoint preferences differ: those in Hong Kong like to buy luxury items at local stores, while the mainlander buys from both local stores and stores abroad.
Mainland affluent women are also more open to shopping online for items like watches and fashion.