Riding on the back of the swift flow of information in modern society and the nation's improving living standards, the luxury goods market has been on an upward swing in recent years, with younger, less affluent clients joining the consumption trend, industry veterans said yesterday.
"People are becoming more well-off, leaving them more money to spend on expensive but unnecessary designer items," said Shauna Lee (
With an eye on consumers' improving purchasing power, Shin Kong's A9 outlet, which was launched in Taipei's Xinyi district at the end of last year, showcases more than 200 luxury brands.
Shin Kong's 11 outlets nationwide saw luxury goods sales grow by between 20 percent and 30 percent year-on-year during the first nine months, Lee said.
Designer items have become a fast-growing market segment in department stores, she said.
Shin Kong's major rival, Pacific Sogo Department Store (
Although female shoppers in the 30-to-50 age bracket still constitute Pacific Sogo's major client base, Dawn said more young customers are able to afford pricey merchandise thanks to credit card issuers' offers of zero-interest installment plans.
"With the help of the preferential payment methods provided by plastic currency, they can buy entry-level luxury items -- which tend to cost around NT$20,000 -- without feeling too pressured," Dawn said.
As a result, sales of designer handbags and jewelry have seen the fastest growth, she said, without giving a specific figure.
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