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Insight of the Day: Vero identifies 4 key luxury codes in Southeast Asia’s evolving market

Key Takeaways from "The Emerging Codes of Luxury in Southeast Asia" Study:

Findings:

  • Four Key Luxury Codes: The study identifies four key luxury codes shaping consumer behavior in Southeast Asia:

  • Selfhood: Luxury as a journey of self-expression and personal growth.

  • Legacy: Luxury as a connection to heritage, tradition, and community.

  • Betterment: Luxury as a means for personal improvement and achieving one's full potential.

  • Playfulness: Luxury as a way to indulge in life's pleasures and have fun.

  • Shifting Trends: Consumers are moving beyond traditional luxury markers and are seeking more meaningful experiences, sustainability, and cultural relevance in their purchases.

  • Influencer Impact: Influencers play a pivotal role in shaping consumer perceptions and driving trends in the Southeast Asian luxury market.

Consumer Motivation:

  • Self-expression: Consumers want to express their unique identities and stories through their luxury purchases.

  • Heritage and connection: Consumers value luxury items that connect them to their cultural heritage and provide a sense of belonging.

  • Personal growth: Consumers seek luxury products and experiences that contribute to their personal development and well-being.

  • Indulgence and pleasure: Consumers are willing to splurge on luxury items that bring them joy and enhance their lifestyle.

Driving Trend:

  • Rising affluence: The growing middle class and increasing disposable income in Southeast Asia are driving demand for luxury goods and services.

  • Changing consumer values: Consumers are seeking more meaningful experiences and are increasingly conscious of sustainability and cultural relevance.

  • Influence of social media and influencers: Social media platforms and influencers are shaping consumer aspirations and promoting luxury brands.

Target Audience:

  • New generation of luxury consumers: The study focuses on the younger generation of consumers who are shaping the future of luxury in Southeast Asia.

  • Affluent individuals: The target audience includes affluent individuals with a high disposable income and a desire for luxury products and experiences.

Products/Services:

  • Luxury goods: The study focuses on the luxury goods and services market in Southeast Asia, including fashion, accessories, beauty, travel, and hospitality.

Conclusions:

  • The luxury market in Southeast Asia is experiencing significant growth and transformation.

  • Brands need to adapt to the changing consumer preferences and behaviors to succeed in this market.

  • Embracing authenticity, innovation, and meaningful storytelling is crucial for luxury brands.

  • Collaborating with influencers and engaging consumers through immersive experiences can help brands build stronger connections and drive growth.

Implications for Brands:

  • Authenticity and innovation: Brands need to offer authentic products and experiences that resonate with the values and aspirations of Southeast Asian consumers.

  • Influencer marketing: Collaborating with influencers who align with the brand's values and target audience can be a powerful marketing strategy.

  • Experiential marketing: Creating immersive and inspiring experiences can help brands connect with consumers on a deeper level and foster brand loyalty.

Implications for Society:

  • Economic growth: The growing luxury market in Southeast Asia contributes to economic growth and development in the region.

  • Cultural preservation: Luxury brands can play a role in preserving and promoting cultural heritage through their products and initiatives.

  • Social impact: Luxury brands can contribute to social causes and support local communities through their corporate social responsibility efforts.

Recommendations:

  • Brands should focus on authenticity, innovation, and meaningful storytelling to resonate with Southeast Asian consumers.

  • Brands should leverage the power of influencers to reach and engage their target audience.

  • Brands should invest in creating immersive and inspiring experiences to build brand loyalty.

  • Brands should consider the cultural and social impact of their products and initiatives.

  • Brands should prioritize sustainability and ethical practices to meet the growing demand for responsible luxury.

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