The Asian boom
We’ve got mild weathers, friendly people, beautiful fresh produces, and only a short flight away – its no wonder Asian travellers love coming Down Under and by the looks of the future, this trend will only continue to grow, much to our benefit.
A study conducted by Julius Baer, a private bank and brokerage company CLSA found that the number of wealthy consumers is set to more than double in Asia during the coming five years.
The assessment estimated that there are 1.2million high net worth individuals in Asia, and combined, they boast a wealth of over USD$5.6trillion. With predictions that the number of wealthy individuals would reach 2.8million in 2015 and their combined wealth accumulating to USD$15.8trillion, this poses promising opportunities for not only luxury brands, but neighbouring destinations as well, such as Australia.
India and China are expected to contribute over 40% of growth, with China alone housing 1.4million high net worth individuals by 2015. Indonesia is also expected to deliver the highest growth, with predication of affluent customers rising by 25% in the next five years.
Currency appreciation, which will see Asian currencies strengthen against foreign dollars, will also play a role in affluence growth.