Why are Asian consumers so keen on luxury shopping?
We see people buying up a lot of luxury goods for individuals, the Japanese during the bubble era and the Chinese since China became the second largest GDP in the world. University of Michigan marketing professor Rajeev Batra wondered, 'Shouldn't traditional values and religious sentiments such as Confucianism and Buddhism, which advocate frugality, be deeply rooted in Asian countries?' and conducted research.
Unpacking collective materialism: how values shape consumption in seven Asian markets | Journal of International Business Studies
Why do Asian consumers love luxury shopping?
https://phys.org/news/2024-09-asian-consumers-luxury.html
Asia Pacific countries are known as the world's largest consumers of personal luxury goods, and their populations also shop in cities such as New York, Milan and Paris, contributing to the impressive growth of the luxury goods industry.
However, these countries are permeated with Confucian and Buddhist ideas, and people there should be an awareness of themselves as ordinary people, as defined in Buddhism, and an emphasis on frugality and contentment with little, so their thinking and actions are contradictory.
This apparent contradiction prompted Professor Batra to study the markets of Hong Kong, South Korea, Japan, Singapore, Indonesia, Malaysia and Thailand, using data from over 3,000 consumers aged 18 to 64 to understand what is important in these markets.
As a result, it was found that in addition to religious values, 'collectivism' plays an important role among people in these markets. In collectivist societies, people are often influenced by the opinions of their social groups and may purchase expensive or status-enhancing items to impress their peers and blend in with the group, but it was found that such concerns about 'how to behave in a group' may override religious values and lead to the purchase of luxury goods.
Generally, behaviors that are viewed negatively in Western individualistic cultures as 'showing off' or 'materialistic' are more likely to be supported in collectivist cultures as 'status-building within the group,' Professor Batra said.
With this in mind, Professor Batra said, 'You might think that younger generations would be the target audience for advertising status-enhancing products, but older consumers who are more religious or traditional may be more likely to identify with their social groups and therefore more receptive to status-enhancing products.'
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