Cashed-up Asian shoppers are switching their retail allegiances from long-time favorites Hong Kong and Singapore, and it's not just for a change of scenery.
Japan, South Korea and Taiwan are the new regional hotspots for selective shoppers, experts say, because they offer a mix of attractive exchange rates and must-have products.
The Americas and Europe are still the world's two largest luxury hubs, with 34 and 33 percent of the market respectively, according to the Altagamma 2015 Worldwide Markets Monitor report by Bain & Company. The report calculates market-share based on the value of the luxury goods purchased.
Asia holds 28 per cent of the global personal luxury goods market, but the regional distribution is changing.
"Hong Kong, mainland China and Macau have taken a hit, losing spend to Japan and Europe," Joel Stephen, senior director and head of retailer representation for Asia at commercial real-estate player CBRE, said, adding that China's corruption crackdown had also hurt the level of spending.
"Singapore and Taiwan have also seen a drop in mainland Chinese luxury spend. There is still tourism, but a lot of the HNWI's [high net worth individuals] from mainland China are traveling further afield."