Understand the cultural and socioeconomic influences that shape i...
Understand the cultural and socioeconomic influences that shape industry demand throughout Asia-Pacific, with local insight, market statistics and analysis ranging from strategic regional overview to in-depth coverage by country or city.
Consumer demand has been shifting from manufactured goods back towards services. Due to this, value sales of experiential luxury grew by 13% to amount to KRW642 million in 2023, boosted by wealthier individuals resuming their normal activities,…
Tourist visitor levels in Singapore were seen to rebound in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This represented an improvement on 2021 and 2022, when restrictions related to…
Despite macroeconomic adversity on a global scale, tourism demand was on the rise in 2023, with a growing number of visitors taking their holidays in Hong Kong. This represented an improvement on 2021 and 2022, when restrictions related to COVID-19…
Value sales of premium and luxury cars went down by 2% to total JPY1.5 trillion in 2023. A significant increase in sales was seen in 2022, as a rebound was seen as the pandemic eased, and this exceptional level of growth was unable to be sustained in…
Value sales of premium and luxury cars fell by 7% to INR245.9 billion in 2023. While supplies have improved, there is still a massive order backlog, with the waiting period for most luxury models stretching from two to 10 months. In addition, while…
Value sales of premium and luxury cars rose by 4% to total CNY1.7 trillion in 2023, due to demand from higher-income consumers, with expenditure proving resilient in the face of macroeconomic headwinds. Wealth determines the degree of demand that…
Personal luxury retail value sales rose by 7% in 2023 to total JPY3.4 trillion, supporting growth recorded by leading brand providers such as Louis Vuitton Japan KK. In 2023, sales were boosted by investment in luxury goods such as designer apparel…
Personal luxury retail sales increased by 11% in current value terms to reach INR256.2 billion in 2023, supported by growth recorded by leading players such as LVMH Watch & Jewellery India Pvt Ltd, Louis Vuitton India Retail Pvt Ltd and Hermès India…
Personal luxury retail value sales grew by 15% in 2023 to amount to CNY413.1 billion, thanks to growth recorded by leading brand providers such as LVMH Fashion (Shanghai) Trading Co Ltd, Richemont SA, Cie Financière, and LVMH Moët Hennessy Louis…
Retail value sales of luxury goods in Japan grew by 4% in 2023 in current terms, to amount to JPY5.3 trillion. There was a clear focus on recovery post-lockdown, with luxury shoppers keen to indulge in activities that may have been off-limits during…
Retail sales of luxury goods in India increased by 3% in current value terms to reach INR553.8 billion in 2023. The post-lockdown period saw a focus on recovery and a revival of normal consumer behaviour, encompassing working, shopping, the…
Retail value sales of luxury goods in China grew by 6% in 2023 in current terms, to stand at CNY3 trillion. Growth in sales was fuelled by several factors during the post-lockdown period. One significant driver was a desire amongst affluent consumers…
Value sales of fine wines/champagne and spirits grew by 8% to total JPY433.1 billion in 2023, boosted by consumers’ desire to enjoy themselves after the pandemic. Socialising over a drink with friends remains a priority pastime for many, following on…
Value sales of fine wines/champagne and spirits grew by 9% to reach INR12.0 billion in 2023, boosted by a consumer desire to have fun and enjoy experiences after the pandemic. Socialising – both at home as well as in the on-trade – remains a priority…
Value sales of fine wines/champagne and spirits grew by 9% to total CNY829.6 billion in 2023, boosted by consumers’ appetite for experiences and enjoyment after the pandemic. Socialising over a drink with friends remains a priority for many,…
Despite macroeconomic adversity on a global scale, demand from tourists was on the rise in 2023, with a growing number of visitors taking their holidays in Japan. This was an improvement on previous years, when the pandemic prevented people from…
Despite consumer spending power and their desire to travel being impacted by a number of global and domestic issues, including higher living costs, unprecedented inflation levels and uncertainties deriving from the war in Ukraine, India has seen a…
Tourist arrivals in China were seen to recover in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This was an improvement on previous years, when the pandemic prevented people from…
The Asian consumer is changing. Traditional values that served the collective in terms of both society and the family are on the wane, with COVID-19 lockdowns accelerating a new focus on individualism and the self. This report explores how Asian…
This report examines inflation levels and drivers globally and in key countries. In 2023, global inflation is expected to ease from its peak in 2022, but remaining significantly above-trend. Geopolitical risks and uncertainty in the energy market are…