Add to Favorite
Magazine 
Magazine
Asian super-rich lead on luxury consumables spendingAsian super-rich lead on luxury consumables spending
Andrew Pentol
27-Jun-2008
The twelfth annual study by Merrill Lynch and Capgemini provides a fascinating regional breakdown of how high net worth individuals spend their fortunes
High net worth individuals (HNWIs) in Asia/Pacific spend a greater proportion of their “passion investment” dollars on luxury consumables (including fashion and accessories) and jewellery, gems and watches than their counterparts in other regions, according to the World Wealth Report 2008, published by Merrill Lynch and Capgemini. Asia/Pacific HNWIs spent a total of 34% of their passion investments on the categories—19% on jewellery, gems and watches and 15% on luxury consumables—last year.
HNWIs from the Middle East spent the next biggest proportion on luxury consumables, at 14%, followed by North Americans (13%), then Europeans and Latin Americans (both at 9%). Middle East HNWIs also spent the second most on jewellery, gems and watches, at 15%, followed by those from Europe (12%) and Latin America (12%), then North America (9%). Globally, the average spend amongst HNWIs on luxury consumables was 11.7% and on jewellery, watches and gems was 13.8%.
North Americans lead the way in the proportion of their wealth devoted to luxury travel, followed by those from Asia/Pacific and the Middle East, then Europe and Latin America.
The report concluded that HNWIs, which have an average asset value of $4m, did not give up their expensive purchases, despite turmoil in global markets and increasing prices. However, the report also suggested that the luxury goods market may well register a downturn if economic problems persist in 2008.
The full report can be viewed here.
Bookmark This Article
•
•
•
•
Delicious
Digg
StumbleUpon
FacebookYour Comments On This Article
Related Stories
Articles bearing the symbol 
require subscription.
(15-Jul-2008) - The fashion house has revealed that sales grew by nearly 20% in the six months to June
(1-Oct-2007) - The Italian company is the company most capable of placing a winning bid for World Duty Free
(15-Mar-2003) - Traditionally, travel retailers don?t consider Americans worth targeting, preferring instead to woo higher-spending Asian travellers. But Raven Fox-Horizon Consumer Insight?s recent study in Hong Kong has shown that for overall spend this is not true, and it is high time travel retailers targeted Americans with items unique to the destination.
(15-Jul-2005) - UK. Passengers spend more on duty-free than any other airport expense, according to a new UK survey commissioned by Morgan Stanley Consumer Banking
(15-Jun-2002) -