The Top 100 Brands by Asian Australians: Luxury Retail Edition report offers unparalleled insights, allowing Bastion Cross-Cultural Insights to collectively explore the intricate tapestry of luxury retail and reimagine its future for CALD consumers in Australia.
In an era marked by fluctuating economies and challenging market conditions, it is crucial that we embrace every opportunity to navigate the dynamic landscape of retail and luxury brands. To gather the insights into this report, Bastion Cross-Cultural Insights leveraged on their very own one-of-a-kind, in-language culturally and linguistically diverse (CALD) research community - the Golden Voice Community - which exists to bridge the gap and create a better understanding of the multicultural communities in Australia. The current CALD population is no longer a minority; it is now the majority, representing 51% of Australia's total population! Not only is this dominated by first-generation migrants, but also by newer migrants who have lived in Australia for less than 10 years.
This report uses the voices of two of the largest CALD diasporas in Australia: Southern Asian and Chinese diasporas. Using a cross-section of consumers across this community, they spoke to n=207 South-Asian and n=293 Chinese to compare to n=100 modern Australian voices. The report revealed a significant year-on-year change of -4%, serving as a stark reminder of the industry's pressing need for adaptation and innovation during times of economic uncertainty. However, amidst this downturn, a beacon of untapped potential has emerged from our diverse CALD consumers in Australia.
