SINGAPORE: Young affluent Asian women are emerging as an important consumer segment that luxury goods brands and premium travel brands should consider targeting, according to a recent report.
Agility Research & Strategy, a market research and strategy advisory firm, carried out an online survey of 560 affluent women aged 18 to 35 in six Asian markets – China, Hong Kong, India, Indonesia, Malaysia, and Singapore – and found that most were likely to travel in the coming year.
Fully 96% indicated they would purchase travel, regarding an overseas trip as a personal gift to themselves, as a reward or an opportunity to celebrate a special occasion, with spending levels reaching between $5,000 and $20,000.
Most were planning to travel on holiday with their partner – 69% said they would definitely or very likely do so – or with family (67%).
Over half (58%) expected to be travelling on business while 38% were thinking about a holiday alone.
The Indian government is currently looking at ways to address the safety concerns of women travelling alone, including the provision of women-only rooms or floors in hotels.
Sabina Chopra, co-founder of Yatra.com, an online travel services provider noted a large increase in the number of requests for "safe hotel rooms" coming from single woman travellers, especially in the business segment.
"Companies that ask for safe hotels for their woman employees do not mind spending extra money to get that assurance," she told the Economic Times.
Agility's report also showed that affluent females were more likely to purchase an overseas holiday than affluent men (96% versus 89%), and were slightly more inclined to stay in a hotel either in their own country or overseas (86% versus 80%).
Amrita Banta, managing director of Agility Research & Strategy, observed that young affluent women in Asia were active in the workplace, had a greater proportion of disposable income and had the financial power to buy luxury and premium brands.
Examples of this included female consumers in China dominating the purchase of luxury goods while top-end auto marques in India were increasingly targeting young, female, affluent drivers.
"With such financial power behind them, the Affluent Asian female has certainly become the quintessential example of the next big consumer segment for brands to focus on," she said.
Data sourced from Agility, Economic Times; additional content by Warc staff