The Young, Healthy, Childless and Wealthy Asians In Demand For Luxury Items

The affluent young and elderly in the Asia-Pacific region are expected to account for 83% of spending on luxury goods and services by 2016. Older people are forecast to hike their spending on luxury items by 2.7 times to US$800 million, said MasterCard’s Worldwide Insights Report.  Apart from China and India with their masses of young people, demand from premium consumers over the age of 60 and in the top third of the market by household assets is seen as outpacing growth from the young premium consumers, those in the top third of income earners with no children.

1. Japan tops the list with young premium customers prepared to spend US$35.2 billion by 2016  and compared to US$67.8 billion by their older counterparts.

2. China emerged second with the well-heeled young forecast to spend US$26.4 billion and the seniors US$18 billion.

3. Australia’s youth spending US$6.2 billion and US$6.3 billion by the elderly.

4. The projected amounts for Taiwan’s affluent young and elderly are US$4.5 billion and US$3.7 billion.

With the rapidly aging population maintaining good health and more time to enjoy it, the demand characteristics of this segment are changing.

This entry was posted on Thursday, September 6th, 2007 at 5:31 pm and is filed under Asia, Consumer Rights, People, Personal Finance, Studies and Surveys. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.