American Express and Synovate investigated the behaviour and expectations of Singapore's growing pool of affluent consumers, through conversations and interviews.
"What we've discovered is a new attitude towards luxury, where consumers want to buy more than just the object. They want to buy the experience surrounding it as well," said John Clarke, VP, public affairs and communications, American Express Japan, Asia-Pacific and Australia.
The research initiative is part of a series entitled 'Inside the affluent space'. Papers on Hong Kong, Taiwan, Australia, India and China will be released throughout the year.
Consumers want experience: study
New findings from a qualitative research study have demonstrated that Singapore's affluent consumers are increasingly demanding intangible experiences, rather than tangible products.