Asia: today’s biggest luxury market in the world
‘Luxury’ has now become a necessity among the Asian people. The days when the middle level income people started at expensive products and accessories are no more in existence. Today, the income level of every individual especially Indian and Chinese has drastically increased. As a result the tendency to shop luxurious brands has also emerged among people. This increasing demand for luxurious products among people has led to a change in the market aspect of luxury brands (MacInnis , Park and Priester, 2009).
Today, Asia is a strong competitive market with over hundred companies and so the consumers are more interested in the winners (Fernandez, 2006). Based on sales figures and brand image indicators the Asia’s top Ten Luxe Brands are denoted here:
ASIA’S TOP TEN LUXE BRANDS
Table 1: Asia’s top ten Luxe Brands
Source: Chadha and Husband (2006), The cult of the Luxury Brand, Nicholas Brealey Publishing, UK.
With the emergence and expansion of luxury markets, marketers are subject to new challenges every day in introducing their brand names and establishing their brand images among consumers. The changing trends in luxury consumer markets and increasing competition requires marketers to adopt new strategies for marketing and promoting their brands. Luxury marketing, at present, is a challenging task and there is now a necessity for every marketer to offer its customers something unique than that of its competitors in order to sustain in the luxury market for a long time.
- MacInnis D J, Park C W and Priester J W (2009), Handbook of Brand Relationships, M.E. Sharpe Inc., New York.
- Chadha and Husband (2006), The cult of the Luxury Brand, Nicholas Brealey Publishing, UK
- Fernandez L (2006), India’s new middle class: democratic politics in an era of economic reform, University of Minnesota Press, USA