Synovate survey shows Hong Kong affluent tuning in and toning up
5 October 2006
HONG KONG — Synovate, a leading global market intelligence company, today released information from the 2006 Synovate PAX media survey that showed rises in product and service ownership, improvements in lifestyle and large increases in exercise participation across Hong Kong's affluent residents.
The Synovate PAX survey tracks media, prosperity and influence in eleven markets across the Asia Pacific region - Singapore, Hong Kong, Korea, Malaysia, Thailand, Indonesia, Philippines, Taiwan, India, Australia and Japan.
The results for 2006 show that while the average monthly household income of Hong Kong's affluent residents has remained relatively steady, increasing slightly from US$8,320 to US$8,456, respondents are becoming increasingly self-confident and finding new ways to spend their disposable income.
Synovate Global Head of Media, Steve Garton, said that the affluent of Hong Kong had the highest rates of ownership for many products and services across the region, as well as some of the greatest growth in leisure activities.
"In the last year of continually updated PAX results, we can see Hong Kong's economic confidence translates into some of the region's highest levels of product ownership combined with continuing growth in purchase intentions and significant lifestyle improvements.
"Hong Kong's affluent are also taking their leisure seriously, with substantial increases in the number of people travelling for pleasure and exercising," he said.
The Synovate PAX survey allows marketers to get a full picture of Hong Kong's affluent consumers - what they watch, read, buy and how they feel about advertising and branding - enabling them to more accurately target their marketing efforts.
Mr Garton said the results show Hong Kong as one of the region's most dynamic cities that is continuing to experience rapid growth and development.
"With the region's highest credit card ownership, there is no doubt that Hong Kong's wealthy are conspicuous consumers, but the data also demonstrates that their disposable income is now being extended to new leisure activities, while their passion for new purchases is being balanced with managed investments," he said.
"As the economy continues to prosper, Hong Kong's affluent residents are becoming more comfortable in their own skins, relying less on designer goods for status and relaxing into their own unique Hong Kong style.
"They are also returning to tradition and with over 70% now indicating that they are more responsive to advertising in their mother tongue, marketers need to take note and change the way they appeal to this rich consumer base accordingly," he added.
Some Hong Kong-specific product and service ownership, purchase intention and lifestyle facts covering the twelve months to June 2006 are:
- Hong Kong's affluent are finding more time for leisure - and more money for leisure travel. During the year over 60% of Hong Kong's affluent took one or more leisure trips, the highest number regionally. The number of Hong Kong people taking three or more leisure trips was also the highest regionally at 16.6% and grew by 20% over the year.
- Hong Kong's elite can't live without instant email access and just over one quarter (25.4%) now own a handheld PC or personal digital assistant (PDA), the highest rate across the region.
- Ownership of mobile phones with internet access has grown substantially to 67.4% of Hong Kong PAX respondents, a 21% increase in uptake over the year.
- Hong Kong has very high levels of digital still and video camera ownership – both have grown over the last year to 85% (the region's equal highest with Taiwan) and 56.3% respectively.
- The ownership of LCD or plasma televisions has grown to become the region's highest with 33.8%, a substantial 55% increase. 60.4% of respondents also own a flat screen television.
- The digital music boom has taken firm hold of Hong Kong's wealthy with 61.5% now owning an MP3 player, a 33% increase year-on-year and the highest ownership regionally. A further 10.5% expect to buy an MP3 player before the end of June 2007.
- Alcohol consumption has grown by 9% over the year with 48.3% of Hong Kongers indulging in a tipple in the past month. Growth was concentrated on the beer market, with local beer consumption increasing by 32% to 25.4% and imported beer consumption increasing by 11% to 31.3%.
- At 91.7%, Hong Kong's wealthy have the highest rate of credit card ownership across the region.
- Affluent Hong Kong residents have the region's highest level of investment in stocks, securities and bonds at 47%, a 7% increase over the year. Hong Kong investments in Unit trust and Mutual funds have also grown substantially over the past year to 19.3%, a 21% increase. However, investment in offshore accounts fell by 28% to 10.4%.
- Ownership of luxury goods may have fallen slightly (3%) among Hong Kong's PAX respondents over the year, but with 72.1% owning one or more luxury items, it remains the highest number regionally.
- Hong Kong residents now have the highest rate of home internet access with 84.2%, an increase of 13% over the year. Internet access at work has grown by 17% to 62.8%, while overall internet access of 89.3% has also grown by 13% to become the region's second highest rate after the Australian cities of Sydney (93.4%) and Melbourne (91.9%).
- Hong Kong's affluent are tackling obesity head on, with large increases in rates of exercise. A 162% increase in the number of Hong Kong respondents either jogging or walking has meant 3.4% of affluent respondents are now flexing their legs on a regular basis. Over the same period swimming participation increased 59%, with 14% having taken a dip in the past three months, while aerobics and gymnasium exercise grew 112% to 3.6%.
- Golfing has also experienced significant growth among elite Hong Kong residents. 8.7% of Hong Kong PAX respondents are now interested in watching or reading about golf, a 53% increase; 6.5% had played a round of golf in the past three months, a 33% increase; and golf club memberships rose by a corresponding 21% over the year to 4%.
Synovate PAX also delves into people's attitudes to brands and advertising via a series of psychographic statements. Some of the findings for Hong Kong were:
- Despite some of the region's highest rates of product ownership, only 11.3% of Hong Kong respondents believe that they are often one of the first to buy new products or gadgets, below the regional average of 13.5%.
- Trust in advertising has grown by 31% over the PAX period and 34% of Hong Kong's affluent now agree that they have great trust in products they have seen advertised.
- Hong Kongers may be known as the region's best shoppers, but the PAX data proves they believe otherwise. A relatively low 38.1% of respondents said that they enjoy the fun of shopping compared to just over half (50.9%) of Singaporeans, the region's highest.
- Hong Kong's fascination with all things designer may be fading with a 32% decrease in the number of people agreeing that they prefer to buy designer goods and brands to 13.4%.
- Hong Kong's affluent prefer advertising in Cantonese. More than 70% (70.7%) of the population said that they are more responsive to advertising in their mother tongue, a 21% increase and the region’s second highest rate after Seoul (70.8%).
Notes to editor
- Unless otherwise stated, the data compared is from Q2 2005 to Q2 2006.
- Other media releases and fact sheets are available with further information about media, attitudes, brands, lifestyle, high-end product ownership and the future purchase intentions across the region.
The available releases and fact sheets are called:
- Synovate PAX - Ten years of Asian consumption
- A decade of digital
- Singapore affluent on the rise
- Synovate PAX Q2 2006 regional media reach
- Media habits, attitudes and lifestyle of affluent Asians
- Comparing Asia's elite
Contact(s) for this press release
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Linda Collard
Director, Marketing Communications |
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9/F Leighton Centre |
Telephone: +852 2830 2588 |
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Henrietta Sung
Marketing Manager |
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Telephone: +1 647 837 5053 |
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Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions. Synovate employs over 6,000 employees across 62 countries.
For more information on Synovate visit www.synovate.com.