2. Asians Are Value-Conscious
Most people think that Asians are stingy. We are NOT!
We simply put a premium on value and quality.
If they see that your products and services are of value, Asians wouldn’t mind paying you right away.
In fact, the Chinese market is expected to become the largest luxury consumer by 2025. Last year, the luxury sales in China reached $73 billion, an increase of 36% from 2020, and there’s no slowing down.
It’s true that we ask for discounts, but not for the reason you think of. We haggle, we barter and we negotiate simply because we enjoy it. It’s a part of the business stance and culture we grew in. Truth be told, it’s like playing another game 🙂
But when it comes to luxury brands, I don’t think you’d see Asians haggling. They will pay their Guccis and Louis Vuittons in cash, almost 100% of the time, allowing you to get an ROI fast!
With this in mind, don’t offer them weekly and monthly payment schemes whilst highlighting that they only need to pay an extra $10 per week — that’s a lowkey insult. As I always say, don’t embrace their wallet, learn to genuinely embrace their culture.
Read More: Lessons We Can Learn from Ultra-Luxury Brands.