Asia Pacific

Value sales of premium and luxury cars fell by 3% to total HKD20.2 billion in 2023. After two years of exceptionally strong growth in 2021 and 2022, sales were unable to be maintained at this high level. Nevertheless, sales remained significantly…

Value sales of premium and luxury cars rose by 8% to total SGD4.5 billion in 2023, as higher-income consumers chose to buy a new luxury car, showing resilience in the face of macroeconomic headwinds. Wealth determines the degree of demand that exists…

Value sales of premium and luxury cars rose by 23% to total KRW28.0 trillion in 2023, as more higher-income consumers in South Korea opted to buy a new luxury vehicle despite macroeconomic headwinds. Wealth determines the degree of demand that exists…

Tourist visitor levels in Indonesia were seen to recover in 2023, despite global macroeconomic pressures such as high inflation and the rapid escalation of living costs. This is an improvement on previous years when the pandemic was preventing people…

Despite macroeconomic adversity on a global scale, tourist demand in 2023 was on the rise, with a growing number of visitors taking their holidays in Malaysia. Consumer demand has also been shifting from manufactured goods back towards services now…

The restrictions imposed on inbound tourism by the Thai Government in an effort to limit the spread of COVID-19 had a severe negative impact on the travel industry, including hotels. Experiential luxury, which is dominated by luxury hotels, saw its…

Despite macroeconomic adversity on a global scale, tourist demand in 2023 was on the rise, with a growing number of visitors taking their holidays in the Philippines. This represents an improvement on 2021 and 2022, when restrictions related to…

Value sales of fine wines/champagne and spirits grew by 14% to total IDR90.2 billion in 2023, as a result of a consumer desire to have fun and enjoy experiences after the pandemic. Enjoying a drink with a meal at home or when relaxing remains a key…

Value sales of fine wines/Champagne and spirits are set to grow by 9% to total MYR292 million in 2023. Socialising over a drink with friends remains a priority pastime for many and this has boosted sales in 2023, following the limits placed on…

Value sales of fine wines/champagne and spirits grew by 14% in current value terms to reach THB3.6 billion in 2023 as this category continued its recovery from the sales it lost during the pandemic. This performance is being driven by, among other…

Retail current value sales of fine wines/champagne and spirits grew by 16% in 2023 to total PHP66.8 billion, as a result of consumers’ desire to make the most of freedoms and open society after the Coronavirus (COVID-19) pandemic. Enjoying a drink…

Retail value sales of luxury goods in Indonesia grew by 11% in 2023 in current terms to amount to IDR36.3 trillion. Retail value sales in the luxury goods market in Indonesia in 2023 rose at a faster rate than the CAGR seen over the review period as…

Retail value sales of luxury goods in Malaysia are set to rise by 15% in 2023 in current terms to amount to MYR31.0 billion. A combination of a renewed desire for indulgence, pent-up demand, and the resumption of key activities, including travelling,…

In 2023, luxury goods in Thailand continued to see an impressive recovery from the declines it recorded during the pandemic. This resurgence can be attributed to both the increase in spending among local consumers as well as the return of…

Retail value sales of luxury goods in the Philippines rose by 16% in 2023 in current terms to stand at PHP340.4 billion. The revival of shopping in person and the resurgence of travel and tourism presented favourable opportunities for consumers to…

Personal luxury retail value sales increased by 12% in 2023 to reach IDR18.7 trillion, supporting growth recorded by leading brand providers, such as Kering SA, Luvitasindo PT and Chanel SA. The category’s value sales growth in 2023 was boosted by…

Personal luxury is set to see current value growth of 11% in 2023 to reach MYR8.4 billion, supported by strong performances from leading brand providers, such as Louis Vuitton Malaysia Sdn Bhd, Hermes Retail (M) Sdn Bhd and Richemont Luxury Malaysia…

Personal luxury retail sales increased by 14% in current value terms to reach THB83 billion in 2023, taking them above 2019 levels for the first time since the pandemic arrived in Thailand. The category performance was supported by growth recorded by…

Personal luxury retail current value sales increased by 11% in 2023 to total PHP198.2 billion, supported by the performances of leading brand owners, such as LVMH Moët Hennessy Louis Vuitton SA, Kering SA and Rolex SA. Growth was fuelled by…

Value sales of premium and luxury cars rose by 10% to total IDR17.4 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…