The study, titled “Unstoppable Luxury: Understanding the Allure of Luxury”, sheds light on the growing interest in luxury in Thailand, identifies the key factors driving this trend and pinpoints key consumer segments within the luxury market.
It also aims to explore the factors influencing the attitudes, behaviour, motivations and purchasing decisions of this consumer group, helping companies and marketers develop strategies to attract luxury consumers in the future.
The survey found that men are more inclined to spend on luxury goods than women, with high-tech gadgets being the luxury items they buy most often, while women prefer fine food and drink.
The top three brands purchased by men were Apple (tech gadgets), Louis Vuitton (apparel and fashion) and Starbucks (food and beverages), while the top three for women were Starbucks (food and beverages), Dior (cosmetics/fragrances/skincare) and Dior (apparel and fashion).
A third of respondents engaged in “luxury” behavior, with 31% indicating a strong desire for luxury and 6% indicating an obsession with extreme luxury.
Looking at the generations, Gen X has the highest luxury spending among all age groups, followed by Gen Z, Gen Y and Baby Boomers. Gen Z, Gen Y and Baby Boomers are most likely to purchase luxury food and beverages, while Gen X prefers luxury apparel and fashion items.
Furthermore, 54% of all respondents said they earn less than 50,000 baht a month, and 50% said they have less than six months’ worth of savings.Interestingly, many luxury consumers were willing to spend 10-30% of their monthly income on luxury goods.