South East Asia seeks innovative and aspirational luxury products
Nielsen have conducted an in-depth research into the South East Asian market and consumer behaviour and outlook. Overall, the region has a more confident consumer who is looking to high quality, aspirational products with a good value proposition.
Global research company, Nielsen, completed a 2016 report of South East Asian consumer markets and found consumer confidence growing with a particular emphasis on luxury and aspirational products. Specifically, Thailand’s consumer confidence grew by 4.1% year on year.
Nielsen also found this growth has manifested into a greater desire to purchase luxury goods right across South East Asia where there was a clear innovation and proposition to justify the price premium. A desire which is above the global average.
Deloitte completed a similar report also finding Thai consumer confidence growing. In fact, the majority of respondents were optimistic about the Thai economy with 40% intended on increasing their discretional spend of which 13% expected a 50% increase in such spending.
This goes someway to explain the 8% growth rate in the luxury market experienced in 2015-2016 to USD1.6 million. Yet Thailand welcomes over 32 million travellers annually many of whom view it as a luxury shopping and lifestyle destination contributing to this growth.
Phuket, home of the Thailand Yacht Show, is a key destination for incoming travellers and particularly those seeking luxury experience. Taking note of the trends, the Show is positioned to capture the influx of elite travellers around Chinese New Year seeking lasting experiences and premium products which enhance their lifestyle. For many visiting the 2018 Thailand Yacht Show, this will be their first direct interaction with the yachting lifestyle and it will be met with an immersive experience of demonstrations, cruises on Phang Nga Bay and social events worthy of Instagram.
If you would like for your brand and products to be showcased to the visitors of the Thailand Yacht Show, please contact your Relationship Manager to discuss the various ways to capture this growing and confident market.
Read the full Nielsen report here.
Read the full Deloitte report here.