Wealthy Asians have an affinity for high end luxury goods and over-the-top service. As the Asian population grows, so does its buying power. Particularly affluent Chinese and Japanese are becoming key consumers in today's luxury market. In Hong Kong alone, $7.3 billion was spent on shopping last year.
In response to the growing demographics, Luxury Week Hong Kong, a ten day, ultra-exclusive fashion event was set up for high-rollers and couture-wearing dames. From Aug. 31 to Sept. 9, VIP consumers will be invited for exclusive previews of a-list luxury designers including Calvin Klein, Oscar de la Renta, Dian von Furstenberg, Vera Want, Christian Lacroix, Givenchy, Roberto Cavalli and Zac Posen. In addition to fashion, clients will also receive previews of accessories, luxury cars and French champagne houses.
The Asian luxury market is a huge market and designers like Australian designer, Collette Dinnigan, know that there is huge money to be made from this niche. "We are experiencing a growing demand from our Asian clientele and would like to build and strengthen this brand loyalty. Luxury Week Hong Kong will provide an effective platform for this," Dinnigan said.
The Australian newspaper reported an expected 73% growth on discretionary spending by 2015 in Hong Kong, from $US9.8 billion in 2005 to $US17 billion eight years from now.
The ultra-exclusive, invite-only event is being put on by IMG, the same company that puts on New York Fashion Week and Australian Fashion Week. 250 VIP customers will be invited to the event by sponsor MasterCard. The eligible cardholders will have "the greatest incremental spending for the month of July 2007 versus June 2007" and will receive a HK$800 coupon for a fine dining experience, tickets to the event itself, and VIP lounge access throughout the week.
What Makes This Trend Stand Out
- Growing Asian Luxury Market
- The expanding Asian population and their buying power create opportunities for luxury brands to tap into this market.
- Ultra-exclusive Fashion Events
- High-end fashion events catering to VIP consumers provide opportunities to showcase luxury designers and build brand loyalty.
- Increase in Discretionary Spending
- Expected growth in discretionary spending presents an opportunity for luxury brands to capitalize on the rising demand for high-end goods.
Sectors Adopting This
- Luxury Fashion
- Luxury fashion brands can participate in exclusive fashion events and target affluent Asian consumers to expand their market share.
- Event Management
- Companies specializing in event management can cater to the growing demand for ultra-exclusive fashion events and provide unique experiences for VIP clientele.
- Fine Dining
- Restaurants and dining establishments can leverage the invitation-only nature of luxury events to offer exclusive dining experiences to high-spending customers.
