A recent survey from MasterCard revealed that millennials in China are the biggest purchasers of luxury goods in Asia Pacific who plan to spend close to double the Asia Pacific average on luxury goods in the next year.
According to the survey, 25 percent of millennials in Asia Pacific plan to buy high-end gadgets in the next year, 17 percent for leather goods and 17 percent for jewellery.
Over a third of millennials in the region prefer western brands to regional or local, mainly due to reliable quality, value for money and brand loyalty. In China, Vietnam, South Korea and Hong Kong, more than a half of millennial shoppers prefer western brands; nevertheless, the majority in India and Indonesia prefer local.
The majority of millennials prefer buying luxury goods from local brick and mortar stores (64 percent), only 9 percent would go for local e-commerce sites. Meanwhile, one fifth prefer to buy luxury items in-store when travelling abroad, this is especially true of Chinese millennials, 51 percent of whom are most likely to buy a luxury item in-store when travelling.
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