Singaporeans are no longer enticed by the status and the prestige when it comes to making luxury purchases. The latest survey reveals that product performance and aesthetics matter the most to local shoppers.
Compared to their Asian counterparts, Singaporeans give the least importance to prestige when it comes to making luxury purchases.
As per the latest survey conducted from Nov 2015 to Jun 2016 by Mediacorp and luxury market research firm Agility Research and Strategy, only 38 per cent of affluent Singaporeans find it important for others to recognise the brands that they are carrying. Even lesser people 31 per cent like the idea of people knowing the luxury brands they buy.
A majority of Singaporeans and Permanent Residents with a monthly income of at least S$75,00 are paying importance to individual needs when it comes to buying luxury products.
51 per cent of the respondents gave importance to aesthetics, while 59 per cent gave said that the luxury products stand out for their higher quality.
While talking to media about the survey, Amrita Banta, Managing Director of Agility Research & Strategy said that luxury goods have become accessible to masses changing the notion that branded products are just a status symbol.
Having said that, there is still a certain segment of people who are more brand-conscious and think using luxury brands is a validation of their social status.