SINGAPORE: There are 100m affluent young Asians in the 18-35 age bracket who represent increasing opportunities for luxury brands and gadget manufacturers, a report has found.
A survey by Agility Research & Strategy of 2,452 respondents in this age group across China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Thailand, Taiwan and Vietnam identified this group as "Generation AAA", standing for aspirational, ambitious and affluent.
Amrita Banta, managing director of Agility, told Campaign Asia-Pacific: "Generation AAA buys brands that are a reflection of their achievements and their status within their personal and professional circles."
"In addition to these considerations, they are also likely to select and buy brands for themselves as personal rewards in celebration of personal achievements," she added.
The opportunities afforded by a growing group of increasingly well-off young professionals means brands must cultivate them, Agility argued.
Some influences that brands might consider included the fact that this is the best-travelled Asian generation and that health and fitness are fuel for relationships and status so this is of increasing importance to them.
Interestingly, the survey found that while Generation AAA are keen spenders, with 64% planning to buy a new smartphone, 56% a new tablet, 53% a new PC and 40% a large-screen television, these people are also keen to save, with 77% planning to increase the amount they put by over the next 12 months.
And in addition to saving, the group also planned
to invest in gold, life assurance, stocks and mutual funds or unit trusts.
"Generation AAA are actively balancing their spending and saving in response to the current global economic scenario and the uncertainties this scenario presents," said Banta.
Data sourced from Campaign Asia; additional material by Warc staff