New Study Explores Asian Consumers Love of Luxury Shopping
University of Michigan Ross School of BusinessThe Asia-Pacific region is the largest consumer of personal luxury goods in the world. Asian consumers shop at home and overseas in cities like New York, Milan and Paris, contributing to the luxury industry’s remarkable growth. However, many Asian countries are deeply shaped by traditional values and religions, such as Confucianism and Buddhism, both of which advocate modest and even frugal living. This paradox intrigued Rajeev Batra, professor of marketing. Batra and colleagues investigated how these seemingly conflicting phenomena coexist. Their research revealed that collectivism in these Asian markets actually enhances luxury consumption.