It seems men in the Greater China region are the ones most likely to purchase luxury goods. In fact they are 44% more likely to fork out for this expensive items. However, it is the women who benefit as the most commonly purchased items are apparel and handbags. The most money, however, goes on watches and jewellery. These are the findings from research by Microsoft Advertising called ‘The Luxury Connoisseurs’ study.
The Greater China Region – spanning China, Taiwan and Hong Kong – is the second largest luxury market after the United States. The market is worth $34.6 billion annually according to Bain & Company Luxury Goods Worldwide Market Study for 2012.
The study showed the luxury consumers are digitally-savvy with 72% strongly agreeing that the Internet is important for staying updated on luxury brands and 92% use online sources to learn about luxury products. A high number (81%) actually use social media, recommendations from bloggers and celebrity endorsements to help them make decisions. They also shared their experiences online.
Online advertisements also play an important role. 61% of those surveyed said they would like to see more online advertising of luxury goods. Interactive formats such as video and rich media can encourage e-commerce.
“The Internet has revolutionised the luxury consumer journey. From building awareness to building an emotional connection through beautiful video and innovative ad formats, online media follows the consumer every step of the way. It cannot be ignored in marketing strategies,” said Heidi Lau, Head of Insights for Asia at Microsoft Advertising.