US The Asian Premium Brand and Luxury Consumer market report
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Providing the most comprehensive and up-to-date information and analysis of the The Asian Premium Brand and Luxury Consumer market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
This Report explores the following topics:
- Asian luxury good purchasing behavior, including frequency and types of items purchased, as well as retail channels
- How Asians define luxury
- Perceptions and desirability for individual luxury brands
For the purposes of consumer research for this Report Asians are defined as persons having origins in any of the original peoples of the Far East (eg Japan, China, Korea), Southeast Asia (eg Indonesia, Philippines, Thailand, Vietnam), South Asia/Indian subcontinent (eg India, Pakistan, Bangladesh).
Mintel’s use of the term “Asian Americans” refers to Asians who have immigrated to the US or who are living in the US of any immigration status. They may be visiting foreign nationals, first-, second-, or higher-generation immigrants.
Premium brand and luxury
The concept of luxury goods is inevitably highly subjective. It is usually obvious which product is luxury and equally obvious which isn’t, but there is a gray area in between that is more subjective. The term luxury usually carries with it the idea that a very high level of craftsmanship is involved and that the products carry a high price so that they are out of the reach of most mass-market buyers. Unfortunately, they can also carry connotations of ostentation and conspicuous consumption as a negative personal trait.
In Mintel’s analysis, there are three main categories of luxury goods, to which a miscellaneous group of smaller products is added:/
- Fashion and leather goods
- Fragrances and cosmetics
- Jewelry and watches
- Other (ie writing instruments, eyewear, furniture, home goods, and other miscellaneous items)
Food, beverages, tobacco, electronic goods, automobiles, and services such as travel are generally excluded.
Expert analysis from a specialist in the field
Written by Fiona O'Donnell, a leading analyst in the Multicultural, Lifestyles, Travel & Leisure sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The market for luxury goods in the US has been estimated at a value of about $35.3 billion, accounting for about 22% of the luxury goods market in 2015. Japan is in the second position at an estimated $30.5 billion and a 19% share, followed by Germany and China at $11.7 billion and a 7% share. As Asian luxury sales increase and the US Asian population enjoys a higher median household income, has an affinity for luxury, and is more likely than the US population, overall, to have purchased luxury goods in the last 18 months, they are a critical audience for luxury brands. Not only do they have the means and desire to buy luxury, but their luxury brand affinities may influence the overall US luxury market and they may be influenced by trends from their countries of heritage.
Director - Multicultural, Lifestyles, Travel & Leisure
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
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