Which affluent group do you belong to?
We love reading data from Synovate PAX that shows insight into the consumer market of Asia. This is what Butterboom is all about and we didn’t even have to commission them ourselves.
Their newest find splits up affluent consumers into 5 distinct groups across 10 Asian markets:
Successful, well-educated and affluent, this group is arguably the best at achieving a work-life balance. These people work to live, not live to work.
The HUMmers (Hungry, Urban and Mobile)
Young, hungry, career-driven, urban, mobile and upbeat… the HUMmers segment is hard to stop. They are always striving for the top, very positive about life, very well-educated and constantly in touch via mobiles, laptops, PDAs, whatever it takes. Basically this is the typical Butterboom reader.
The Luxury Loyalists
Nearly half of this segment is aged 45 or older. While strongly skewed towards women (57%), there are also men in this group that share similar attitudes and consumption patterns. Two thirds of people in this segment are married with children and they tend to not work.
It’s all about me, me, me. Similarly aged to the HUMmers segment, this group of people has an entirely different focus in life. Aged largely 25-34, they are from developed, urban areas like Hong Kong, Singapore, Kuala Lumpur and Seoul, and are very focused on their privileged world. They are skewed towards female.
The majority of them work full-time, are well-educated and have the highest ownership of all the segments when it comes to household and personal products.
I’m sure you can spot yourself and your friends in these breakdowns. Read more here.
Synovate goes on to report that Hong Kong people are more and more snubbing shopping and taking that money towards investment purposes! Obviously with the hot market right now almost everyone we know has been investing in stocks and property. So all the saved money goes into the future, and not on the latest gadgets or handbags.
Wealthy Hong Kong people have significantly increased their ownership in stocks, securities and bonds; funds; privilege or priority banking accounts, investment properties and life insurance. The biggest increase year-on-year was in private property that they are living in, rising six percent to 59%.
The survey showed that affluent Hong Kong residents already have high ownership of luxury, personal and household products. Perhaps because of this, they claim less interest than they have in the past in purchasing new products over the next 12 months – and it may be that they are waiting for the ‘next big thing’.