The research, which segments consumers into two distinct brackets – younger premium and older premium – revealed that both segments will account for 83 per cent of the US$258.7 billion market by 2016, with demand in Asia-Pacific forecast to grow at an average of 12 per cent annually.
China and Japan are expected to lead the way in terms of dollar volume among the older premium consumers, with spend increasing from $8.6 billion in 2006 to $18 billion in 2016, with Japan increasing from $27 to $67.8 billion over the same period, respectively.
