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Affluent consumers in developing nations are positive about the future

15 : 05 : 2017 Finance : Luxury : Culture

Global – Affluent consumers in developing countries are more optimistic than those in developed nations, according to a new study.

According to the YouGov Affluent Perspective 2017 study, 54% of affluent consumers in developing economies are extremely or very confident in the strength of their country’s economy.

Despite the downturn in the country’s oil sector, 76% of affluent Kuwaiti consumers are highly optimistic about their nation’s financial future, compared to 13% of consumers in the UK. Just 27% of affluent consumers in established economies are confident in the strength of their country’s economy.

When it comes to their personal finances, 46% of affluent consumers in established economies are very or extremely confident in the strength of their personal economy, compared to 52% of consumers in developing countries.

Personal confidence is highest among affluent consumers in Kuwait (76%), followed by Germany (68%), while affluent consumers in Asian markets including Japan (16%) and South Korea (20%) are considerably less confident about their personal finances. Despite this, enthusiasm for luxury is highest among affluent consumers in Asia and the Middle East.

The study defines China, Kuwait, Saudi Arabia, Singapore, South Korea and the United Arab Emirates as developing economies, and Australia, Canada, France, Germany, Hong Kong, Japan, the UK and the US as established economies.

The Big Picture

  • The ramifications of The Dislocated World are having a greater impact on luxury consumers in established economies than those in developing markets
  • For more insights on the future of luxury, attend our UK Luxury Futures Forum on 5 July 2017