Chinese buyers moving away from luxury items
Source: Xinhua |
June 5, 2013, Wednesday
|
Print Edition
Print Edition
AFFLUENT Chinese consumers are moving away from established brands and lapping up lower price luxury items, Bank Julius Baer said in a report yesterday.
The biggest Swiss private banking group released its third Julius Baer Wealth Report yesterday, saying that the Chinese consumers have changed tastes and habits and luxury has become a lifestyle instead of a one-off celebration.
The report expects the next wave of luxury consumption in China to be less about famous brands, but more a migration towards heritage, underlying quality and understatement.
Stefan Hofer, emerging market economist and the lead author of the report, said "Evidence continues to mount that Asia's growth and wealth creation engine has decoupled from the still-weak mature economies, and China in particular is moving up the value chain."
He expects the number of High Net Worth Individuals in Asia to grow from the estimated level of 2.17 million in 2013 to at least 2.82 million by 2015.
The Julius Baer Lifestyle Index, which traces the weighted average prices of 20 luxury goods and services across Asia, rose 8 percent in 2013, albeit at a slightly slower pace than the 8.8 percent in 2012.
Based on the cross-sectional data, China's Hong Kong and Shanghai, Singapore and Bangkok have the most items that cost more than the region's average prices, while most luxury services in India's Mumbai, Indonesia's Jakarta, Malaysia's Kuala Lumpur, Philippines' Manila and China's Taipei are below the regional average.
The biggest Swiss private banking group released its third Julius Baer Wealth Report yesterday, saying that the Chinese consumers have changed tastes and habits and luxury has become a lifestyle instead of a one-off celebration.
The report expects the next wave of luxury consumption in China to be less about famous brands, but more a migration towards heritage, underlying quality and understatement.
Stefan Hofer, emerging market economist and the lead author of the report, said "Evidence continues to mount that Asia's growth and wealth creation engine has decoupled from the still-weak mature economies, and China in particular is moving up the value chain."
He expects the number of High Net Worth Individuals in Asia to grow from the estimated level of 2.17 million in 2013 to at least 2.82 million by 2015.
The Julius Baer Lifestyle Index, which traces the weighted average prices of 20 luxury goods and services across Asia, rose 8 percent in 2013, albeit at a slightly slower pace than the 8.8 percent in 2012.
Based on the cross-sectional data, China's Hong Kong and Shanghai, Singapore and Bangkok have the most items that cost more than the region's average prices, while most luxury services in India's Mumbai, Indonesia's Jakarta, Malaysia's Kuala Lumpur, Philippines' Manila and China's Taipei are below the regional average.
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