Latest Nielsen data shows ad spend by luxury goods sector jumped 12% in key Asian markets during H1 2024

Singapore 29 August 2024 - Latest data from Nielsen Ad Intel shows advertising spend in the luxury goods sector across key Asian markets grew 12% from H2 2023 to H1 2024. Those key markets, consisting of Hong Kong, Indonesia, Malaysia, Philippines, South Korea, Singapore, and Thailand saw total ad investment in the sector jump from $1.26 billion in H2 2023 to more than $1.4 billion in H1 2024.*

Thailand led the growth with an increase of 214% in the sector, followed by South Korea on 24%, and Indonesia with 6%.

Across all key markets combined, the top five luxury brands by ad spend in H1 2024 were:

Chanel

Christian Dior

Cartier

Rolex

Gucci

The leading luxury brands by ad spend for H1 2024 in each key market were:

Hong Kong: Chanel, Cartier, Christian Dior, Rolex, Swarovski

Indonesia: Rolex, Audemars Piguet, La Mer, Chanel, Coach

Malaysia: Rolex, Cartier, Chanel, Gucci, Fendi

Philippines: Rolex, Hermes, Jo Malone, Polo Ralph Lauren, Gucci

Singapore: Rolex, Chanel, Christian Dior, Gucci, Hermes

South Korea: Chanel, Christian Dior, Gucci, BVLGARI, Prada

Thailand: Chanel, Christian Dior, Swarovski, BVLGARI, Coach

These findings are supported by Nielsen Media Analytics data, which highlights a significant increase in demand for luxury brands across Asia.

Nielsen Media Analytics research also identified a strong correlation between luxury brand consumers and Out-of-Home advertising, with the vast majority of luxury consumers citing Out-of-Home as The most trustworthy channel for advertising and The most attention-grabbing. *

Arnaud Frade, President, Commercial for Asia, Nielsen, said: The impressive growth in luxury advertising spend across key Asian markets underscores the region's increasing appetite for high-end brands. Our data not only reflects the strategic investments these brands are making in digital and traditional media, but also highlights the unique role that trust and consumer recommendations play in shaping purchasing decisions. In a context of slowing sales in key markets, as consumers become more cautious about their discretionary spending, ensuring that media investments are robust and effective is therefore absolutely critical and is also fast becoming a major competitive advantage for the Maisons investing is better insights.

Runchita Srivoravilai, Nielsen Thailand Director, added: In a competitive market like luxury goods, where brand perception is everything, knowing where and how to invest in advertising is critical. Our data empowers brands to make informed decisions, ensuring their marketing strategies not only reach their target audience but also stay ahead of the competition. In an ever-changing media landscape, staying ahead requires not just creativity, but precise, data-driven insights, and that's what Ad Intel and CMV do best.

While product quality remains the most crucial factor in choosing a luxury product in Asia, recommendations from family and friends also play a vital role, particularly among Gen Z and Gen Y consumers.

*Source: Nielsen Ad Intel June 2023 July 2024, & June 2023 July 2024

About Nielsen Nielsen shapes the world's media and content as a global leader in audience measurement, data and analytics. Through our understanding of people and their behaviours across all channels and platforms, we empower our clients with independent and actionable intelligence so they can connect and engage with their audiences now and into the future. Nielsen operates around the world in more than 55 countries. Learn more at www.nielsen.com and connect with us on social media (Twitter, LinkedIn, Facebook and Instagram).

Media Contact Dan Chapman

Assoc. Director, Communications, Nielsen APAC

dan.chapman@nielsen.com

+61 404 088 462

LINK:	https://www.nielsen.com/news-center/2024/latest-nielsen-data-shows-ad-...
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