The WARC Podcast How brands can leverage a new era of luxury in Asia
Dec 10, 2024
Rica Facundo hosts Sonja Prokopec, Associate Dean at ESSEC Business School and luxury market expert, alongside Zoe Chen, Strategy Director at VIRTUE Worldwide. They dive into the rapidly evolving luxury scene in Asia, exploring how younger consumers are redefining what luxury means. The conversation highlights India’s emerging luxury market, the rise of local brands, and the shift towards sustainable practices. They also discuss the delicate balance between exclusivity and accessibility, showcasing how cultural heritage plays a pivotal role in shaping modern luxury.
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Asia's New Luxury Landscape
- APAC is becoming a new hub for global luxury, especially in the travel sector.
- Emerging markets like Southeast Asia and India are playing a larger role, driven by a new generation of affluent consumers.
India's Luxury Market Maturation
- India's luxury market is maturing after a slower start than predicted.
- Younger consumers display a growing openness to experiences and luxury goods, unlike previous generations.
Southeast Asian Tastemakers
- Younger consumers in Southeast Asia, with rising incomes and education, are driving the change in luxury.
- They see themselves as global tastemakers, not just passive consumers.