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Insight of the Day: What Asia’s lifestyle and luxury consumers want in 2024

In 2024, Asia's lifestyle and luxury consumers are showing a shift in their preferences and behaviors, as outlined in the Bluebell Group's "Asia Lifestyle Consumer Profile 2024" report. Here are some key points on what Asian consumers want:

1. Luxury Value Redefined: Consumers in Asia are emphasizing craftsmanship, reputation, and resale value over brand name. They prioritize quality and see luxury as synonymous with superior craftsmanship. There is a trend towards buying fewer high-quality items.

2. Localization and Premium Asian Brands: There is a growing preference for domestic luxury brands in markets like China and Southeast Asia. Consumers are recognizing the quality and accessibility of regional luxury brands, indicating a shift towards supporting homegrown labels over Western counterparts.

3. High Expectations: Asian consumers have high expectations for brands to offer exceptional quality and service. They are willing to accept price increases but expect brands to deliver unparalleled quality and craftsmanship in return.

4. Digital Dichotomy: There is a divide in consumer preferences between those who prefer official brand websites for authenticity and those who favor multi-brand platforms for variety and convenience. Brands need to ensure price uniformity across different shopping channels to meet the expectations of an increasingly digital-savvy consumer base.

Overall, brands in Asia need to align with the evolving preferences of consumers by focusing on quality, craftsmanship, and customer service while also balancing price sensitivity and adapting to the digital landscape. The key takeaway is that brands need to show strategic foresight to capture Asia's lifestyle trends and secure consumer loyalty in the competitive luxury market.

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