February 29, 2024

Trend forecaster WGSN has cited luxury consumer profiles reshaping the future of engagement in Asia-Pacific (APAC), which continues to represent the largest market for luxury goods accounting for nearly half of all expenditure.

In a white paper, the WGSN said the APAC luxury consumer will become more discerning, and seek hyper-relevant and seamless luxury experiences while leveraging hyper-local resources.

It urged brands to keep up with this fast-evolving cohort to retain loyalty and grow market share, and engage with them in authentic and humanizing ways through innovative technology and retail.

WGSN identified these consumers as Mindful Luxurians, Self-Rewarders, Multidimensional Escapists, and Change Makers.

“Affluent and reflective, Mindful Luxurians are looking for moments of pause through leisure, luxury and wellbeing,” it said, adding they expect brands to provide value and promote local production that celebrates their culture.

WGSN said optimistic yet cautious, Self-Rewarders are looking to brands for empathy and support during key stages and life events.

“This means there is (an) opportunity to develop strong loyalty and followings during such events. In addition to feeling successful and rewarded, this upbeat cohort is forming smart digital purchasing habits to indulge themselves with luxury goods after years of uncertainty,” it said.

Overwhelmed and tired of mundanity, the paper said Multidimensional Escapist consumers seek moments of escapism through virtual and phygital worlds and purchases.

“Idealists at heart, Change Makers are looking for ethical and sustainable brands and retail experiences,” it added. “They look to retailers to combine products and meaning in interesting and original ways.”

WGSN said luxury consumer sentiments have evolved, and their priorities or expectations have shifted over recent years of global disruptions.

“Despite recent years of tumult and widespread uncertainty due to a shifting geopolitical order, the Covid-19 pandemic, climate change and other global issues, consumers across the Asia-Pacific region are showing resilience and optimism as their consumption reflects their hopes for the future, as well as their values for strengthened ties within their local communities,” it said. – Press release