Women — especially in China — are playing an increasingly big role in Asia's luxury spending.
That is a key finding of Wealth Report Asia 2018, Bank Julius Baer's latest look into high-end consumption in the region released Tuesday.
It tracks the spending habits of so-called high-net-worth individuals, which the Swiss private banking group said have "net investable wealth" of more than $1 million, excluding property in which they mainly reside.
It said that the growing buying power of wealthy Asian women is driven by factors including more of them in senior management positions and more self-made female millionaires.
And while China continues to dominate overall global luxury spending — accounting for 30 percent — women are becoming an increasing force in that aspect of conspicuous consumption in the world's second-largest economy.
"In terms of how much they buy, women actually account for half of Chinese luxury spending," Julius Baer's Pearlyn Wong, executive director for markets and advisory solutions in the Asia Pacific, told reporters while introducing the findings.
The report described that as a trend that's been developing for the past five years.