Hong Kong's wealthy sharpen their focus on assets and investment... at the expense of shopping
2 October 2007
HONG KONG — a leading global market intelligence company, today released the 2007 Synovate PAX media survey results, showing significant increases in property and financial services ownership across affluent Hong Kong residents.
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%.
Synovate's Associate Director in media research, Clare Lui, said the booming economy and record markets were attracting major expenditure on assets and investment across Hong Kong's elite consumers.
"The Synovate PAX study has been running for eleven years and tracks trends in consumption across affluent Asians. The 2007 rises in Hong Kong are largely concentrated in financial services and property. The affluent are putting their money into the markets and ensuring they have a place in this 'be-in-it-to-win-it' investment environment.
"The focus on investment seems to have affected elite Hongkongers' attention on shopping. For a place where shopping has been the national past time, the elites are changing their game.
"Fewer Hong Kong elites now agree with the statement 'I enjoy the fun of shopping' than have done so in past years - at around three in ten. In fact, consumers in every market except Korea say they enjoy shopping more than this," she said.
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'.
"Of course some of this decline in purchase intention is simply because Hong Kong is a mature market and many of the elite already have everything they need. Putting their spare money into the markets and property makes sense.
"But many marketers will be pleased to see that luxury still rules in Hong Kong. Despite the relatively lower interest in shopping for general household products, Hong Kong still has by far the highest intention to purchase designer goods and luxury watches across Asia Pacific - eight percent intend to buy quality/designer clothes and leather goods and 15% plan to purchase a watch worth over US$500 in the next year," Ms Lui said.
Synovate PAX is a study that tracks media, prosperity and influence across 11 markets in Asia Pacific - Hong Kong, Singapore, Malaysia, Korea, Taiwan, Thailand, Indonesia, Japan, Australia, India and the Philippines. The study looks at media consumption, product ownership and intention to purchase, as well as attitudes.
The survey is conducted year-round and Synovate spoke with 1,674 affluent Hong Kong residents to get the 2007 results.
Ownership of personal financial products
Year on year comparison (% of affluent consumers who own product)
A fact sheet about Hong Kong's elite consumers is also available. Please email Pia Wong should you require a copy.
Contact(s) for this press release
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Pia Wong
Marketing & Communications Manager, Asia |
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Tel: +852 2830 2533 |
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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.