S'pore, India top list of region's big spenders, says survey

Probably encouraged by robust economic growth, consumers in Singapore and India have higher intention to own luxury goods than the other countries: more than half of those polled for the survey said they planned to spend more or the same in the next 12 months.

Singapore (57 percent), Japan (50 percent) and India (46 percent) lead other countries in terms of ownership of luxury goods; nearly half of the consumers there own at least one luxury item worth more than $500. In contrast, consumers in Indonesia (eight percent), Malaysia (22 percent) and the Philippines (23 percent) own the least number of luxury items.

The latest survey was conducted from March to April 2011 and involved 6,022 consumers from eight markets (Japan, Singapore, Malaysia, Thailand, Philippines, India, Indonesia, and Lebanon). Data collection was via Internet surveys, personal, telephone and computer aided Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary.

On an average, close to 40 percent of those polled claimed to own luxury goods with Indians more inclined to own jewelry; Singaporeans prefer luxury watches, jewelry, and designer clothes and leather goods and Japanese favor designer clothes and leather goods and luxury watches.

“This survey shows that luxury shopping varies dramatically across emerging and developed markets. As with other recent surveys, it is the most buoyant and resilient economies that can afford to spend on luxury items and India and Singapore would certainly fall into that category,” said Porush Singh, senior vice president and group head, Product Development, Global Products & Solutions, Asia/Pacific, Middle East & Africa, MasterCard Worldwide. “Luxury shoppers remain loyal to their brands, even when the economic climate isn’t favorable.”

Japanese and Singaporeans display the most affection toward ownership of designer items, with one in two respondents (57 percent and 50 percent, respectively) currently owning a luxury item. About three in four of Japanese (76 percent) and Singaporean (74 percent) consumers usually use credit cards to pay for their luxury purchases.

Nearly one-third of all respondents intend to own any luxury goods valued above $500 in the next 12 months. Singaporeans (51 percent) and Lebanese (30 percent) are more eager to own luxury goods than others, while consumers in Indonesians (eight percent) and Malaysians (20 percent) have the least yearning for luxury goods.