Director’s Pick: Asia’s Booming Luxury Market

September 15, 2022
Director’s Pick
Veblen’s World of Luxury
EP2: Asia’s Booming Luxury Market

The Asia-Pacific region is the crown jewel for luxury goods and lifestyle. Asian consumers have diversified interests in luxury goods. From Swiss watches, handcrafted designer handbags, reserve high-end wines and precious artwork, demand continues to grow dramatically despite recent price spikes, the challenges of COVID and the recent economic downturn in certain markets. What’s more, today’s conspicuous consumption has extended to intangible privileges and what people pursue is no longer limited only to material goods.

How big is the luxury goods market in Asia? Will the market continue to grow with the help of millennials in the region? Do Asians have a unique investment approach for such goods or do they buy on impulse to impress their friends? Specifically, which luxury goods reflect the social status they are attempting to convey?

This session will discuss the luxury market in Asia from institutional and individual perspectives.

Speakers
Elizabeth Currid-Halkett
James Irvine Chair in Urban and Regional Planning, Professor of public policy at the Price
School of Public Policy
University of Southern California

Canice Prendergast
W. Allen Wallis Distinguished Service Professor of Economics, Booth School of Business
The University of Chicago

Srinivas K. Reddy
Visiting Professor of Marketing at Kellogg School of Management
Northwestern University
Professor Emeritus of Marketing, Ex-Academic Director of LVMH-SMU Luxury Brand
Initiative at Lee Kong Chian School of Business
Singapore Management University

Moderator:
Kenneth Pomeranz
Faculty Director
The Hong Kong Jockey Club University of Chicago Academic Complex |
The University of Chicago Francis and Rose Yuen Campus in Hong Kong

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▬ Content of the Webinar ▬
Opening - 0:00
Speaker Introduction – 3:12
Professor Srinivas K. Reddy's View – 8:43
Professor Canice Prendergast's View – 18:22
Professor Elizabeth Currid-Halkett's View – 31:23
Panel Discussion – 47:46