Affluent Asians - Change Agent

Affluent Asians

  • Luxury Goods March 2004

From In:fact

The Synovate PAX survey regularly tracks media, prosperity and influence in major markets across the Asia Pacific region. The survey probes the ownership and purchase intentions of affluent people in Bangkok, Hong Kong, Jakarta, Kuala Lumpur, Manila, Singapore, Taipei, Seoul, India, Australia, Japan and soon, the Middle East.


The findings here are taken from the PAX survey of around 16,000 individuals within Asia's nine markets (excluding Australia and Japan) conducted over the year to September 2003.

     
Putting the car into Jakarta

Indonesia has experienced widely publicised financial turmoil in recent years. However things are looking up if intention to purchase cars is anything to go by. According to the survey, 39% of affluent people living in Jakarta expressed an intention to buy a car. This is well above the average of 21% for Asia as a whole. It should also be noted that 63% already own a car, which compares to the Asian average of 65%.

         
Connections are everything

Mobile phones continue to be a big attraction. The overall penetration rate in Asia is 80%, with about another 15% expressing intention to purchase. Hong Kong, Singapore, Taipei and Seoul all have achieved near-saturation at around 90%, with India lagging behind with a 43% ownership. The growth of popularity of Internet-enabled phones confirms the willingness to upgrade – good news perhaps for 3G vendors.

     
Number crunching


Computers are a perennial hot item. Lots of people have them. Lots want them. Desktop computers have nearly a 60% penetration rate at home, and laptops 22%. Meanwhile, 10% more intend to buy a laptop, and 12% a desktop. The biggest growth areas are in Kuala Lumpur and Manila where approximately 20% of respondents reported an intention to purchase a desktop machine. Kuala Lumpur looks like a good destination for laptop vendors – 32% expressed an intention to buy a laptop or notebook, significantly higher than anywhere else.

     
Competing for the wallets of Asia's rich

Affluent Asians have never been shy about flaunting their wealth – and luxury watches and designer leather goods are nowhere near saturation point with 22% and 28% ownership levels respectively across Asia. But it seems that other high ticket consumer goods are proving more attractive, since only 3% of respondents said they were planning to buy luxury items in the next 12 months.

 

Good times for flat screen TV makers

Flat screen TVs are a highly desirable consumer electronic item in the cities surveyed, with about 9% expressing an intention to purchase. This market has currently a 36% penetration rate across Asia.

A further 8% intend to purchase a LCD or plasma TV, but the market has a lot more room to grow, with the penetration rate standing at 7% across the region. These items are most sought after in Jakarta, Manila and Taipei.
         

Digital memories

There's a strong demand in Asia for digital cameras, both video and still. Just over 10% of respondents reported an intention to purchase a still camera, while nearly 8% want video cameras. Around a quarter of respondents already own a video camera, and over a third have a still camera. The biggest future demand for digital still cameras appears to be in Taiwan, while more Malaysians want video cameras. Among wealthy urbanites in Hong Kong, two-thirds have either a still or video digital camera, while over half of the elites in Taipei and Seoul have a digital camera.

 

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