Does Luxury Mean the Same Thing in the East and the West?
With Asia forecast to have 1 billion affluent consumers within the next decade, it’s a rather pressing issue to understand the nuances of what passes for luxury there. In the first quarter of this year, LVMH reported that 37% of its global revenue came from Asia. The region is huge and its cultures varied, so it’s foolhardy to make broad statements about the nature of Asian luxury. That said, taking a look at Hong Kong, Singapore, Tokyo, and Shanghai versus New York, London, Paris and Milan, some interesting themes emerge. Here are a few things I’ve observed in my travels: