Shoppers in Singapore, Japan and India are among the region's top luxury consumers, according to the findings by MasterCard survey.
Probably encouraged by robust economic growth, consumers in Singapore and India have higher intention to own luxury goods than the other countries, more than half of those polled for the survey said they planned to spend more or the same in the next 12 months, according to a MasterCard release.
Singapore (57%), Japan (50%) and India (46%) lead other countries in terms of ownership of luxury goods; nearly half of the consumers there own at least one luxury item worth more than $500.
In contrast, consumers in Indonesia (8%), Malaysia (22%) and the Philippines (23%) own the least number of luxury items.
The latest survey was conducted from March to April, 2011 and involved 6,022 consumers from eight eight Asia-Pacific and Middle East countries.
Data collection was via internet surveys, personal, telephone and computer aided telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary, it was stated.
On an average, close to 40% of those polled claimed to own luxury goods with Indians more inclined to own jewellery; Singaporeans prefer luxury watches, jewellery, and designer clothes & leather goods and Japanese favour designer clothes & leather goods and luxury watches.
The earthquake-related tragedy in Japan in mid-March 2011 seems to have had a mixed impact on luxury buying sentiments in that country.
Less than 5% of the Japanese consumers surveyed plan to spend more on luxury goods in the next 12 months, but they still lead other nations in their overall spending power - averaging more than $4,000 in the next 12 months, whereas consumers from Singapore, Lebanon and India intend to spend on average more than $2,000.
A greater number of Japanese consumers, about a quarter, plan to cut down on their luxury purchases.
Japanese, Indonesians and Singaporeans come through as more prudent – 40% of Japanese consumers undertake extensive research (two to six months) before purchasing, with 39% of Indonesians and 29% of Singaporeans doing the same.
Consumers in Thailand, the Philippines and Malaysia tend to be more cautious. Even among those who intend to purchase, a majority of them plan to spend on lower price bracket - below $1,000. Most would delay their luxury purchases till sale periods, according to the survey.
