Navigating the Transformed Luxury Retail Ecosystem in Asia Pacific

The Asia Pacific (APAC) luxury retail landscape is undergoing a seismic shift. Once characterized by predictable growth and traditional consumer behaviours, the market is now a dynamic ecosystem reshaped by the global pandemic, evolving lifestyle choices, and the powerful influence of a new generation of shoppers. For luxury brands to not only survive but thrive in this new era, understanding and adapting to these changes is paramount. This article delves into the transformed luxury retail scene across key APAC markets – including China, Hong Kong, Taiwan, Singapore, Thailand, Vietnam, Japan, Korea, Australia, and New Zealand – exploring how brands can win the hearts of today's discerning customers.

A New Paradigm: Shifting Consumer Behaviours and Market Dynamics

The post-COVID era has ushered in a new wave of consumerism in the APAC luxury market. There's a palpable move away from conspicuous consumption towards more considered purchases. Consumers are increasingly prioritizing experiences over material possessions, with a significant uptick in spending on luxury travel, wellness, and exclusive events. This experiential focus is particularly pronounced among Millennial and Gen Z consumers.

The overall APAC luxury goods market is projected for continued growth, expected to reach USD 147.58 billion in 2025 and grow at a CAGR of 4.06% to reach USD 180.07 billion by 2030. However, this growth is not uniform across all segments or regions. While the APAC region remains a dominant force in the global luxury market, its share slightly decreased from 36.3% in 2019 to 34.8% in 2024.

China, a traditional engine of luxury growth, experienced a significant market decline of 18-20% in 2024, reverting to 2020 levels due to low consumer confidence and increased overseas spending. Projections suggest the Chinese luxury market will remain flat throughout 2025. Despite this, Chinese luxury consumption is still anticipated to account for 35-40% of the global luxury market by 2030. Other markets like Singapore are showing robust growth, with luxury goods retail sales reaching $10.1 billion (S$13.5 billion) in 2024 and projected to hit $15 billion (S$20.1 billion) in 2029. Vietnam's luxury fashion market is also on an upward trajectory, valued at USD 370.6 million in 2024 and projected to reach USD 639.0 million by 2033, growing at a CAGR of 6.24% between 2025-2033. The broader ASEAN hard luxury goods market is forecast to grow from USD 4,422.3 million in 2024 to USD 9,190.7 million by 2035, at a CAGR of 7.5%.

The Digital Revolution and the Omnichannel Imperative

The digital landscape has profoundly impacted how APAC consumers engage with luxury brands. Asian consumers are digital natives, with mobile commerce accounting for a significant portion of luxury e-commerce transactions in the region. Platforms like WeChat, Douyin (TikTok in China), and Xiaohongshu (Little Red Book) have evolved into immersive digital ecosystems where consumers discover, evaluate, and purchase luxury goods. Live commerce is no longer a novelty but a mainstream channel, projected to achieve a CAGR of 34.4% from 2025 to 2030 in APAC, reaching a revenue of USD 55.3 billion by 2030.

Brands like Louis Vuitton, Gucci, Cartier, and Prada are leveraging these platforms for exclusive launches, virtual exhibitions, and personalized shopping experiences. A seamless omnichannel approach, integrating online and offline touchpoints, is no longer optional but essential. Nearly half (48%) of mainland Chinese consumers are comfortable purchasing through both online and offline channels.

Winning Hearts and Minds: Strategies for a New Generation

1. Hyper-Personalization and Experiential Luxury: Today's luxury consumers, especially Gen Z and Millennials, crave personalization and unique experiences. They seek products and services tailored to their individual preferences and styles. Brands are responding by offering customization services, exclusive events, and immersive in-store experiences that go beyond the transactional. Fendi's Made-to-Order service and Dior's exclusive VIP experiences in Paris and China are prime examples. The ready-to-wear segment has shown resilience, driven by top-price items and a preference for understated designs, while small leather goods have found success with Gen Z due to demand for hyper-personalized products.

2. Engaging Gen Z: Authenticity, Values, and "Lo-Fi" Luxury: By 2025, Gen Z will constitute a quarter of APAC's consumer base.This generation is characterized by a desire for self-definition, a focus on intentional wellness, and an appreciation for pan-Asian creativity. They are moving away from "flex culture" towards "lo-fi" or "slow luxury," prioritizing experiences, quality, and cultural fluency over overt displays of wealth. Authenticity is their currency.

Gen Z consumers are also highly attuned to a brand's values, particularly sustainability. A staggering 92% of Asian consumers would reconsider or stop buying from brands that don't prioritize sustainability, and Gen Z is willing to pay a premium for greener choices. Brands like Prada, with its Re-Nylon campaign, and Dior, with its focus on environmental certifications and biodiversity, are resonating with this conscious consumer base. However, some reports suggest a conflict for Gen Z between their concern for climate change and their reluctance to pay a premium for sustainable attributes due to cost considerations, leading to a rise in the re-commerce market. The Asia Pacific secondhand luxury goods market is expected to grow at a CAGR of 8.09% between 2025 and 2033.

3. Cultivating VIP Loyalty: Beyond Transactions: Very Important Clients (VICs) remain crucial, representing a significant portion of global luxury purchases (45% in 2024, up from 35% in 2021). However, these top customers feel their experiences have become more transactional and less exceptional. Brands need to nurture these relationships by offering exclusive access, personalized services, and gestures that resonate with their status and expectations. This includes creating exclusive communities and offering "beyond money" experiences. WeChat Live is emerging as a powerful tool for VIP engagement, offering personalized shopping and private previews.

4. Embracing Technology and Data: Artificial intelligence and data analytics are becoming paramount across the value chain. Brands are using AI to enhance customer engagement, personalize recommendations, and optimize operations. Technology integration is transforming product design and customer experiences. For instance, Dior's Star app assists sales advisors by providing customer backgrounds and facilitating the entire sales process.

5. Cultural Fluency and Localization: Understanding and respecting local cultural nuances is critical. This includes local language, influencer tone, payment options, and even tapping into regional creative movements and fandoms. APAC's Gen Z is increasingly championing homegrown cultural movements and local brands.

The Path Forward: Adapting to Thrive

The luxury retail ecosystem in APAC is undeniably in flux. While challenges exist, particularly with economic uncertainties and shifting consumer confidence in key markets like China, the overall outlook remains positive for brands that are agile, innovative, and deeply attuned to their customers.

The key to success lies in:

• Deeply understanding the new APAC luxury consumer: Their values, priorities, and how they engage with brands.

• Embracing a truly omnichannel strategy: Seamlessly blending digital and physical experiences.

• Prioritizing personalization and experiential retail: Creating memorable and unique interactions.

• Authentically connecting with Gen Z: Speaking their language and aligning with their values, especially sustainability and purpose.

• Nurturing VIP relationships: Offering exclusivity and exceptional service that goes beyond the transactional.

• Leveraging technology and data: To drive efficiency, personalization, and innovation.

• Cultivating cultural fluency: Tailoring strategies to resonate with diverse local markets.

The brands that successfully navigate this evolving landscape will not only win back the hearts of their existing customers but also capture the loyalty of the next generation, ensuring sustained growth and leadership in the dynamic Asia Pacific luxury market. The global luxury market is expected to see low to mid-single-digit growth in 2025 over 2024. To secure future growth, brands must re-establish creativity and blend old and new strategies, focusing on desirability fueled by craftsmanship, creativity, distinctive brand values, meaningful customer connections, and flawless tech-enabled execution.

Inspired by these insights? Ready to build a high-calibre team to navigate the future of luxury retail in the Asia Pacific?

At Trouvé Executive Limited, we specialize in executive and management search across a wide range of sectors, with a deep understanding of the APAC market. We connect reputable employers with exceptional talent, building reputations on outstanding results and an unwavering commitment to integrity and long-term relationships.

Let's collaborate to find the leaders who will drive your brand's success in this dynamic region.

Visit our website at www.trouve-executive.com to learn more about our services and how we can help you build your dream team.

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駕馭亞太區轉型中的奢侈品零售生態圈

亞太區（APAC）的奢侈品零售格局正在經歷一場翻天覆地的變革。這個市場曾以可預測的增長和傳統的消費行為為特徵，如今已轉變為一個充滿活力的生態圈，受到全球疫情、不斷演變的生活方式選擇以及新一代購物者強大影響力的重塑。對於奢侈品牌而言，要在這個新時代中不僅生存下來，更要蓬勃發展，理解並適應這些變化至關重要。本文深入探討亞太區主要市場——包括中國內地、香港、台灣、新加坡、泰國、越南、日本、韓國、澳洲及紐西蘭——轉型中的奢侈品零售景象，剖析品牌如何贏得現今獨具慧眼顧客的心。

新範式：轉變中的消費者行為與市場動態

後疫情時代為亞太區奢侈品市場帶來了新的消費浪潮。消費者明顯從炫耀性消費轉向更深思熟慮的購買。他們越來越重視體驗而非物質擁有，奢侈旅遊、健康養生及獨家活動的支出顯著增加。這種對體驗的重視在千禧世代和Z世代消費者中尤為明顯。

整體而言，亞太區奢侈品市場預計將持續增長，預計在2025年達到1,475.8億美元，並以4.06%的年複合增長率（CAGR）在2030年達到1,800.7億美元。然而，這種增長並非在所有細分市場或地區都一致。儘管亞太區在全球奢侈品市場中仍佔據主導地位，但其份額從2019年的36.3%略降至2024年的34.8%。

中國，作為奢侈品增長的傳統引擎，由於消費者信心低迷及海外消費增加，其市場在2024年經歷了18-20%的顯著下滑，倒退至2020年的水平。預計中國奢侈品市場在整個2025年將保持平穩。儘管如此，到2030年，中國的奢侈品消費仍預計將佔全球奢侈品市場的35-40%。其他市場如新加坡則顯示出強勁的增長，2024年奢侈品零售額達到101億美元（約135億新加坡元），預計到2029年將達到150億美元（約201億新加坡元）。越南的奢侈時裝市場亦處於上升軌道，2024年市場價值為3.706億美元，預計到2033年將達到6.39億美元，2025年至2033年間的年複合增長率為6.24%。更廣泛的東盟硬奢侈品市場預計將從2024年的44.223億美元增長到2035年的91.907億美元，年複合增長率為7.5%。

數碼革命與全渠道的必然性

數碼環境深刻影響了亞太區消費者與奢侈品牌的互動方式。亞洲消費者是數碼原住民，流動商務佔該地區奢侈品電子商務交易的顯著部分。微信、抖音（中國版TikTok）及小紅書等平台已發展成為沉浸式數碼生態系統，消費者在這些平台上發現、評估和購買奢侈品。直播帶貨不再是新鮮事物，而已成為主流渠道，預計2025年至2030年間在亞太區的年複合增長率將達到34.4%，到2030年收入將達到553億美元。

Louis Vuitton、Gucci、Cartier和Prada等品牌正利用這些平台進行獨家發布、虛擬展覽和個性化購物體驗。整合線上線下接觸點的無縫全渠道策略不再是可選項，而是必需品。近一半（48%）的中國內地消費者樂於透過線上線下雙渠道購物。

贏取人心：針對新世代的策略

1. 高度個性化與體驗式奢侈品：現今的奢侈品消費者，尤其是Z世代和千禧世代，渴望個性化和獨特的體驗。他們尋求根據個人喜好和風格量身定制的產品和服務。品牌正透過提供定制服務、獨家活動和超越交易本身的沉浸式店內體驗來回應。Fendi的Made-to-Order服務以及Dior在巴黎和中國的獨家VIP體驗便是典型例子。高級成衣市場憑藉頂級價位商品以及對低調設計的偏愛而展現韌性，而小型皮具則因Z世代對高度個性化產品的需求而取得成功。

2. 與Z世代互動：真實性、價值觀與「低調奢華」：到2025年，Z世代將構成亞太區消費者基礎的四分之一。這一代的特點是渴望自我定義、注重刻意經營的健康生活，以及欣賞泛亞創意。他們正從「炫耀文化」轉向「低調奢華」或「慢奢華」，優先考慮體驗、品質和文化觸覺，而非公然展示財富。真實性是他們的通行證。

Z世代消費者也非常關注品牌的價值觀，尤其是可持續性。高達92%的亞洲消費者會重新考慮或停止購買那些不優先考慮可持續發展的品牌，而Z世代願意為更環保的選擇支付溢價。像Prada憑藉其Re-Nylon再生尼龍系列，以及Dior專注於環保認證和生物多樣性，都與這個具有環保意識的消費群體產生了共鳴。然而，一些報告指出，Z世代在對氣候變化的擔憂與因成本考慮而不願為可持續屬性支付溢價之間存在矛盾，這導致了二手奢侈品市場的興起。亞太區二手奢侈品市場預計在2025年至2033年間的年複合增長率將達到8.09%。

3. 培養VIP忠誠度：超越交易：重要客戶 (VICs) 仍然至關重要，佔全球奢侈品消費的顯著比例（2024年為45%，高於2021年的35%）。然而，這些頂級客戶覺得他們的體驗變得更具交易性，而缺乏獨特性。品牌需要透過提供獨家權益、個性化服務以及符合其身份和期望的姿態來培養這些關係。這包括創建專屬社群和提供「金錢以外」的體驗。微信直播正成為VIP互動的強大工具，提供個性化購物和私人預覽。

4. 擁抱科技與數據：人工智能和數據分析在整個價值鏈中變得至關重要。品牌正利用人工智能提升客戶參與度、個性化推薦並優化營運。技術整合正在改變產品設計和客戶體驗。例如，Dior的Star應用程式透過提供客戶背景資料並協助整個銷售流程，為銷售顧問提供支持。

5. 文化觸覺與本地化：理解並尊重當地的文化差異至關重要。這包括本地語言、意見領袖的語氣、支付方式，甚至融入區域性的創意運動和粉絲文化。亞太區的Z世代越來越支持本土文化運動和本地品牌。

前行之路：適應以求昌盛

亞太區的奢侈品零售生態圈無疑處於不斷變動之中。儘管挑戰依然存在，特別是在中國等主要市場面臨經濟不確定性和消費者信心轉變的情況下，但對於那些敏捷、創新且深刻理解客戶的品牌而言，整體前景依然樂觀。

成功的關鍵在於：

• 深刻理解全新的亞太區奢侈品消費者： 他們的價值觀、優先事項以及他們與品牌的互動方式。

• 擁抱真正的全渠道策略： 無縫融合數碼與實體體驗。

• 優先考慮個性化與體驗式零售： 創造難忘且獨特的互動。

• 與Z世代建立真誠的聯繫： 使用他們的語言，並與他們的價值觀（尤其是可持續性和使命感）保持一致。

• 悉心維護VIP關係： 提供超越交易的專屬服務和卓越體驗。

• 善用科技與數據： 以推動效率、個性化和創新。

• 培養文化觸覺： 量身定制策略以引起不同本地市場的共鳴。

那些成功駕馭這個不斷演變的格局的品牌，不僅能重新贏得現有客戶的心，還能獲得下一代的忠誠，從而確保在充滿活力的亞太區奢侈品市場中實現持續增長和領導地位。預計2025年全球奢侈品市場將較2024年實現低至中個位數的增長。為確保未來增長，品牌必須重新確立創意，並融合新舊策略，專注於由工藝、創意、獨特的品牌價值、有意義的客戶聯繫以及完美無瑕的技術賦能執行所驅動的吸引力。

受到這些見解啟發？準備好建立一支高質素團隊，以駕馭亞太區奢侈品零售的未來嗎？

在 Trouvé Executive Limited，我們專注於行政人員及管理層搜尋，服務涵蓋多個行業領域，並對亞太市場有著深刻的理解。我們為信譽良好的僱主客戶聯繫卓越人才，憑藉卓越的成果、堅守誠信及致力建立長遠合作關係而建立聲譽。

讓我們攜手合作，為您尋找能夠引領您的品牌在這個充滿活力的地區取得成功的領袖人才。

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