“One of the most exciting findings is that by 2018, in the next five years, based on our predictions and based on how fast the region is growing, Asia Pacific will be the biggest region in the world for luxury goods,” Fflur Roberts, the head of luxury goods research at Euromonitor, told BoF. “This is predominantly due to China, but also the emerging Asian markets like Malaysia and Indonesia. India is also a major contributor.”
Read more here at BOF.
There is a reason why International Herald Tribune Luxury Conference is being held here in Singapore, so the focus will largely be on the upcoming growth of Asia Pacific, particularly in Indonesia and Thailand. Many believe that these two markets are going to be next “China”. This is earmarked by Vogue launching their Thai issue last year. Rumour has it that Vogue is going to launch a hi-end club and restaurant in Singapore by the end of this month to capitalise and strengthen their brand.
The odd thing is, according to Suzy Menkes, the key on this emerging market lies on the exponent growth of the menswear. I would like to believe that this is probably the gap that the international fashion has yet to fill as they are so focus on womenswear.