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July 2017 - Forbes Indonesia

The business of luxury is anything but luxurious. It's a rough place of increasing competition, demanding customers and multiple regulations. Yet luxury is a fast-growing and important segment of the Indonesian economy. While it may be only a small fraction of the overall retail market, it has a vital role to play in shaping consumer behavior. For one, it sets a high standard for goods and services against which others can benchmark themselves. It also creates employment, for highly trained staff, who must provide the best in goods and services to their clients. Thus the Indonesian economy benefits from having more staff with world-class expertise, that can be used elsewhere to improve standards. Similarly, luxury companies must also buy the best in equipment and services, generating even more demand for highly trained personnel and high-end goods. Luxury companies also create many ordinary jobs, such as for security guards and accountants.

Another critical aspect of Indonesia's luxury market is its size. As Southeast Asia's largest economy, Indonesia is already making its presence felt in many luxury companies, as all classes of society becoming richer. Therefore demand keeps shifting in favor of higher quality, as it become more affordable to larger numbers. A healthy luxury industry also heightens the image of Indonesia. Bali is a good example, with its plethora of five-star hotels and trendy restaurants, to reinforce the notion that Indonesia is capable of producing a world-class holiday destination. The same is true for most other luxury goods and services, the more they become present in the economy, the more they demonstrate that Indonesia as a place that is open to, and willing to pay for, the best in life. The luxury business doesn't just benefit a few, but many.

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