Luxury expert Daniel Langer takes a closer look at how the youth is reshaping the regional luxury market
In the vibrant, fast-paced world of luxury, the winds of change are blowing from the East. The orchestrators of this transformation? The young, affluent consumers of Asia. In China, where the average age of luxury consumers is a sprightly 29, these trendsetters are revolutionising what it means to consume luxury.
This younger clientele stands in stark contrast to their older counterparts. While traditional luxury buyers often seek heritage and exclusivity, these up-and-coming consumers crave innovation, trendiness and, increasingly, a commitment to sustainability.
Consider the success of brands like Richard Mille and Roger Dubuis in Asia’s luxury watch market. Rather than leaning on a long-established legacy, these relatively young brands have become favourites among the youthful Asian audience. Their key to success? Cutting-edge design, avant-garde craftsmanship and the ability to create timepieces that embody the modern, dynamic spirit of their clientele. And most importantly, as I was able to witness at the Watches and Wonders show in Geneva, an incredible brand storytelling about the hyper watch as the must have for fast-charging clients who live a hyper life.
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Even heritage brands are learning to speak this new language. Balenciaga, under the visionary direction of Demna Gvasalia, has successfully struck a balance. By integrating street-style aesthetics into their collections and deploying inventive digital marketing strategies, Balenciaga has managed to remain a coveted brand among younger consumers while maintaining its luxury standing.
On the sustainability front, brands like Shanghai-based Icicle are capitalising on the eco-conscious tendencies of young Asian consumers. Icicle’s commitment to “beautiful and ethical” clothing allows consumers to indulge in luxury guilt-free, catering perfectly to this rising wave of environmental awareness.
And in the beauty industry, homegrown Asian brands such as Perfect Diary are answering the call for trendy, culturally attuned products. By harnessing the power of digital media, engaging in celebrity collaborations and tapping into fast beauty trends, these brands are captivating young consumers, replacing the typical luxury narrative with one of innovation and immediacy.