Crazy rich Asians: 6 ways Japanese women spend their money differently to South Koreans
Japanese women prefer Cartier watches, domestic travel and read news on social media, while their Korean counterparts favour Tiffany & Co, foreign trips and follow KOLs, research shows
Women have always been a priority segment for luxury brands, and as female spending power has increased, the luxury sector has been struggling to catch up.
Although on aggregate the spending power of affluent Korean and Japanese women is not as large as that of Chinese women, they still represent an important consumer group to which many luxury brands need to cater and better understand, according to a survey carried out by Agility Research.
Japanese women are more spontaneous in their expensive purchases compared with Korean women, who like to plan their luxury purchases
High-net-worth (HNW) women from both countries were questioned about what they thought of themselves in terms of their personalities, use of social media, brand preferences, travel destinations, finances and property investments.
Here’s how they compare.
Luxury shopper personalities
Both Korean and Japanese women are confident when making their luxury purchases.
However, their shopping personalities differ in many other aspects. Most importantly, Japanese women are more spontaneous in their purchases compared with Korean women, who like to plan their luxury purchases, the research shows.
Rich Korean women are more likely to use social media for luxury related purposes, with 50 per cent looking at what brands and products celebrities are wearing or using