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15 Apr 2008
Jakarta
An improving economy and the rapid opening up of various markets in Asia have given rise to a group of affluent consumers who are eager to adopt the latest fashion trends. According to the latest Nielsen Global Luxury Brands Study, consumers in Hong Kong lead the region as Asia Pacific’s most designer brand-conscious.
Following Hong Kong (38%) as the most brand conscious market in Asia are India (35%), and the Philippines (26%) at a distant third. And despite the prevalence of imitation designer-branded goods in some markets, over half of consumers do not think imitation products match up to the real deal, led by Japan (69%), Taiwan (65%) and China (60%).
As the global study reveals, if money were no object, Louis Vuitton (29%), Chanel (28%), Gucci (27%) are the most coveted brands among consumers in Asia Pacific.
The appeal of Louis Vuitton is strongest in Asia, with the world's top 10 markets that most aspire to the French brand all hailing from Asia, led by the Philippines (42%, also topping the world), Hong Kong and Singapore (each at 40%).
“Louis Vuitton has consistently brought out interesting designs and new product ranges that meet the diverse appetites of many Asians,” said Farquhar Stirling, The Nielsen Company. “LV has also held their brand values constant, which is critical for any brand to maintain customer loyalty and to appeal to potential followers.”
Another long-established French brand, Chanel, is the second most coveted brand in Asia Pacific and if money were no object, is most attractive to consumers in China (41%), Korea (38%) and Taiwan (30%), whose aspirations not only topped the Asia Pacific region but reigned the world as the most pro-Chanel consumers.
Meanwhile, India (41%), the Philippines (39%) and Indonesia (37%) top the region with people most aspiring to the Italian brand Gucci. At 41 percent, India actually tops the world with most people wishing to buy a Gucci product if money were no object. It’s worth noting that the level of desire among Asian consumers to buy Chanel and Christian Dior increased by six and four percentage points respectively compared to two years ago when the Nielsen survey was last conducted.
“Asia is considered by many international brands as a major sales region, with the improving personal financial status of Asian consumers and with the opening up of various developing markets, there is huge room for growth in the luxury sector,” said Farquhar.
What’s on the Horizon for Designer Brands?
Designer brand appeal has certainly spread across sectors. According to the Nielsen survey, consumers in Asia Pacific 'approved' the potential of a crossover product between a designer fashion brand and a new technology gadget - 50 percent would buy a mobile phone that was co-branded with a luxury brand – an area already tapped into by fashion giant like Prada. 43 percent said they would buy a co-branded designer laptop computer, 27 percent a “designer” flat screen TV and a fifth would go for a designer branded MP3.
In Asia, Filipinos seem the most receptive to the idea, with the most consumers receptive to a designer-branded Mobile Phone (74%), Flat Screen TV (47%) and MP3 (44%), while Chinese consumers (74%) were the region's most likely to buy a designer-branded Laptop computer.
“There seems to be huge market potential for luxury brand line extensions into every corner of the home and office,” said Farquhar. “Cross-over between brands and products is certainly an opportunity and it is clear that consumers from Asia, along with those in other fast developing markets, are driving demand for these products.”
The Survey
The latest survey, conducted in November 2007, polled about 26,312 internet users in 48 markets from Europe, Asia Pacific, North America and the Middle East. 500 interviews were conducted in Indonesia.
The Nielsen Online Consumer Confidence and Opinion Survey is the largest half-yearly survey of its kind, aimed at gauging current confidence levels, spending habits/intentions and current major concerns of consumers across the globe.
For the full report, please click here.
About The Nielsen Company
The Nielsen Company is a global information and media company with leading market positions in marketing information (ACNielsen), media information (Nielsen Media Research), online intelligence (NetRatings and BuzzMetrics), mobile measurement (Nielsen Mobile), trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. For more information, please visit, www.nielsen.com.
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