The essence of luxury: An Asian perspective: LVMH-SMU Luxury Research Conference 2016

• Main Authors: REDDY, Srinivas K., HAN, Jin K.
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2017
• Subjects: Asian Studies; Marketing; Sales and Merchandising
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/5453; https://ink.library.smu.edu.sg/context/lkcsb_research/article/6452/viewcontent/TheEssenceofLuxury.pdf
• Institution: Singapore Management University

A number of developments in the luxury market have been attributed to the arrival of luxury products in Asian markets. The modernisation of Japan some decades back paved the way for a growing trend towards imbibing western lifestyles in Asia. Japan’s economic success after the Second World War was a key factor responsible for the introduction of luxury marketing in Asia. In the 1970’s, Japanese tourist-shoppers became a noticeable phenomenon in Europe. The European luxury houses were quick to recognise the opportunity and began setting up branches and luxury outlets in Japan. The Japanese were not only the driving force behind the growth of luxury fashion retail all over Asia, but were also responsible for the growth of duty-free luxury sales, as they travelled across destinations hunting for luxury products. Japan continues to be one of the major markets for luxury products and goods. When we talk about the Asian market, needless to say, we think of China—a market that has been a top priority for luxury brand owners in the more recent decades.