Asia Pacific’s growing army of affluent shoppers are increasingly seeking out experiences over ownership of opulent material possessions.
A new study by MasterCard reveals cashed up consumers in Asia, Africa and the Middle East are moving beyond simply deriving satisfaction from purchasing and owning luxury goods – increasingly they now view wealth as the catalyst to experience the world.
More than ever, the affluent are placing greater emphasis on seeking new and unique experiences, such as mastering a new skill or making a unique journey, as opposed to the ownership of opulent goods, status symbols or visiting a destination.
This is highly preeminent among Chinese who place value on leading a meaningful life and views wealth and success as more than just having money.
Products that cater to their aspirations of a deep and fulfilling life are essential. International travel (30 per cent), which allows them to gain unique experiences, reconnect with family through shared leisure activities, and unwind while creating unforgettable memories, is rated as their most desired experience.
This is followed by culinary experiences (23 per cent), which involve the exploration and discovery of different palates and flavors from around the world, and golfing which allows the otherwise busy individuals to recharge and to connect with others (12 per cent).
In terms of dining, China had the highest proportion of affluent (25 per cent), choosing dining to be one of their top passions. Followed by the UAE and Hong Kong (24 per cent) and Japans and Singapore at 22 and 20 per cent.