Are Asians not feeling the financial pinch?

Luxury spending is still bullish particularly in China and Hong Kong even as economic uncertainties rise.

"On average, less than 25% of respondents in China and Hong Kong were willing to reduce their spending on luxury items this year. This contrasts with Malaysia, where 49% of respondents were willing to reduce their luxury spending, as well as countries like Singapore (34%), India (40%) and Indonesia (39%)," according to the results of the Agility Luxe poll.

A total of 5,952 respondents from China, Hong Kong, India, Singapore, Indonesia and Malaysia participated in the online poll by Agility Research & Strategy in March 2012.

"While Asians say they are planning on being more careful with their money, they will still spend on luxuries such as gadgets, cars, and hotels. This is despite the fact that consumers in Asia have been grappling with news of an impending global economic crisis," said the release accompanying the study.

"As many as 72% of respondents said they were paying the same or more for a luxury car, while 62% were paying the same or more for luxury watches and jewelry. In addition, almost 20% of respondents indicated they were actually planning on upgrading the class of their hotel on their vacation this year," it added.

The relatively small spending cutbacks seen in Asian markets points to an opportunity for brands and marketers, notes Amrita Banta, Managing Partner, Agility Research & Strategy.

“Asia is one of the fastest growing regions in the world today, and there has been an increase in the number of affluent consumers in the region. This segment of consumers is extremely important as their spending is, for the most part, recession- proof. Companies that are seeking continued and sustainable growth cannot ignore this region or this consumer segment,” said Banta.