Indonesia leading charge, says Asia Luxury Index
Indonesians have become Asia’s foremost online buyers of luxury goods, according to the latest Asia Luxury Index.
Amid difficult economic conditions, online sales of luxury goods in Indonesia have grown by 84 per cent, according to the index, which draws mainly on the sales data of Reebonz, a Singapore-based eCommerce platform for luxury products.
Reebonz Indonesia executive manager Anggono Wijaya says social media, digital marketing and collaborations with influencers and young designers were among the main reasons behind the ballooning sales.
Senior marketing manager Bernard Widjaja Ng says the group of luxury consumers is evolving and expanding as luxury is no longer just for the select few. “With growing affluence and accessibility, more consumers can readily buy luxury goods.”
He says consumers have also become younger, with 21-year-olds starting to buy luxury goods. “There is a shift in an economical class of buyers, as people from the B-level economy have started to buy luxury goods.”
Accounting for 62 per cent of online transactions in Asia are bags, with Balenciaga, Fendi and Longchamp topping the brand list in Indonesia. The report also notes an 87 per cent rise in shoe sales and a 39 per cent increase in timepiece sales.
It also notes a shift in buying trends, with a 30 per cent increase in pre-owned luxury goods sales.
Topping the brand list in this category are bags and shoes by Chanel, Hermes, Louis Vuitton and Prada.
Starting as a luxury product retailer in Singapore, Reebonz has expanded via eCommerce platforms with offices in Indonesia, Australia, Hong Kong, Malaysia, South Korea, Thailand and Taiwan.