|
STRONG
demand for luxury goods and services is seen growing in
triple digits over the next decade, according to the
latest MasterCard Worldwide Insights report.
In its
report “Demand for Luxuries in Asia-Pacific,” the
credit-card company expects demand for luxury good and
services among young premium consumers to reach $1.7
billion by 2016, an 89-percent increase from $900
million last year.
On the
other hand, demand for luxury goods and services among
older premium consumers by 2016 is seen to double to
$400 million from $200 million in 2006.
The
young premium consumers comprise individuals below 35
years old belonging to the top one-third of the income
bracket. The older premium consumers make up the top
one-third by net household assets of those over 60 years
of age.
In the
region, the report said that by 2016 the lifestyle of
young premium consumers across the Asia-Pacific region
will “mean that a relatively higher proportion of their
discretionary spending goes toward spending on clothing
and personal accessories.”
The
older premium consumers in the same region will spend
more on luxury travel and leisure followed by fine
dining and entertainment.
Overall,
the demand for luxury goods and services in Asia-Pacific
region is estimated to grow an average of 12 percent
annually up to 2016.
With the
exception of
China
and India, expected growth in demand for luxury goods
and services from older premium consumers in markets
across Asia-Pacific region will outpace growth from the
young premium consumers.
The
greatest growth in demand for luxury goods and services
from the older premium segment will come from
Malaysia.
It will be followed by Indonesia and South Korea.
By
contrast, in
China
and India, demand for luxury goods and services by young
premium consumers will increase more quickly than that
of the older premium consumers. |
