There are over 350 million luxury consumers in the world, according to a 2015 study by global management consultancy Bain & Company.
The Korean Wave (Hallyu) refers to the global popularity of South Korea’s cultural economy exporting pop culture, entertainment, music, TV dramas and movies.
Of the handful of Asian brands that usually make it to any global brand rankings, most like Sony, Canon, and so on originate from Japan.
Shang Xia is a Chinese luxury fashion brand backed by Hermès offering high-quality products with a contemporary twist on traditional Chinese aesthetics and crafts.
The face of business in Asia is changing faster than one can blink one’s eyes.
Created by Sanrio Ltd, founded in 1960 by Shintaro Tsuji, Hello Kitty is one of the truly phenomenal brands to emerge from Japan.
Amanresorts is one of the most iconic brands to have emerged from Asia.
The Jim Thompson Thai Silk Company from Thailand is a well-known Asian brand with great potential to become a strong international lifestyle brand.
From an early start in 1992, Banyan Tree Hotels & Resorts has grown into one of Asia’s most successful hospitality brands with numerous international awards and accolades from publications like the prestigious Condé Nast Traveler and others.
Most consumer behaviour models used in boardrooms today were developed in Western countries and based on the perspective of the individual as an independent, autonomous identity, free to make decisions based on purely personal desires and affiliations, living life in accordance with Maslow’s hierarchy of needs.
In the next 10 years, a rapid changing landscape will emerge in Asia where the opportunities for Asian companies to benefit from branding efforts will be larger than ever before.
Some Asian brands are becoming successful well beyond Asia.
The orientation of brand management has gone through substantial changes over the last decades, and has evolved as a more integrated and visible part of the overall corporate strategy.
Gone is the era in which the developed economies of Western Europe and North America ruled the global business landscape with their well developed markets, massive middle class populations, considerable level of disposal income, well established institutional intermediaries and continually growing economies.
One of the biggest challenges for Asian companies apart from the prevailing trading mindset is the “Made In” tag in order for them to build and sustain strong brands.