A survey by MasterCard shows that millennials (people aged roughly 18-29) in China are the biggest purchasers of luxury goods in Asia Pacific, followed by South Korea and Hong Kong. And they plan to spend close to double the Asia Pacific average on luxury goods in the next year. Jewelry spending come second on their purchase lists at 17 percent, with the most popular luxury items being high-end tech gadgets with 25 percent of spending.
Meanwhile, over a third of millennials in the region prefer Western brands over regional or local, however there is a marked difference across the region. While more than half of millennial shoppers in China, Vietnam, South Korea and Hong Kong prefer Western brands, the majority in India and Indonesia would rather buy local. The top three reasons for preferring Western brands were reliability of quality, followed by value for money and brand loyalty.