Synovate reveals the financial and retail clout of Hong Kong women
28 July 2008
HONG KONG — Eighty one percent of Hong Kong women can afford to pay for what they want without asking for money from their partner and 87% have at least an equal say on big ticket items, such as property and cars, according to recent survey by global market research company Synovate.
Exploring consumer attitudes and motivations about retail and spending habits, Synovate surveyed over 2,000 women in Hong Kong, China, Singapore and Malaysia from the ages of 15 to 64 across all income levels
"As women in Asia earn and invest more, other sources of wealth, such as marriage, divorce and inheritance become less important. And naturally, as women's financial independence increases, so does their role in the decision making process," explained Ms Jill Telford, Synovate CEO for North Asia.
Girl power
The Synovate survey revealed that while Hong Kong women were the most financially independent (81%), their mainland counterparts are not far behind (75%), followed by Singaporeans at 74%. Malaysian women are the least independent with only 42% confirming that they can afford to pay for what they want without asking for money from their partners or husbands.
While Hong Kong women only spend 11% of their monthly personal income on shopping, preferring to allocate a bigger proportion to savings and investments, mainland women spend over half of their income on shopping.
"Young women (15-24 year olds) in Shanghai are, by far, the most enthusiastic shoppers with 88% of their salary spent on shopping compared to the 75% their peers in Beijing spend. Before marketers get too excited however, they should note that the average spend amongst these groups is still quite low at RMB1,080 per month. This is less than the total amount Hong Kong women spend per month (HKD1,280) which is only 11% of their salary.
"Nonetheless, the Chinese youth market is still a haven for advertisers - some of our young colleagues in Beijing and Shanghai admitted that they can hardly resist the sales pitch of shop assistants, advertisements and buy almost everything they like," Telford added.
Chore or cure?
The survey also revealed various attitudes towards buying clothes and accessories and found that 60% of Hong Kong women consider shopping part of their daily routine. In China, shopping is more of a therapeutic past-time with 87% of mainland women hitting the stores to feel better, while 74% of Malaysians shop to hunt for bargains.
"We noticed a geographical correlation appeared in terms of attitudes towards shopping - women are more practical in the south (88% of Malaysians do not shop to show off and similarly 86% of Singaporeans) and they spend a low proportion of their monthly income on retail therapy.
In the north however, mainland women spend a much higher proportion of their monthly income on shopping and enjoy this past time to show off (32% of Shanghai women and 27% of Beijing women). Hong Kong women fall somewhere in the middle with 22% agreeing they shop to show off," Telford said.
Green is gold
"While 31% of women in Beijing admitted they are 'very concerned' about the effects of climate change (versus 18% of Hong Kong women), this may well stem from the hope for a clean, green, successful Olympics. ²Yet Hong Kong women are the most willing to pay a premium for an environmentally friendly product (79%), compared to their mainland counterparts (72%), followed by Singaporeans (67%) and Malaysians (49%).
"Chinese women in both Hong Kong and China have definitely adopted a socially responsible attitude when it comes to the environment and this has become evident in their purchase decisions. In essence, retailers that promote and practice green policies have a definite advantage," Telford said.
² Synovate's AsiaBUS survey, February 2008
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 6,700 staff across 62 countries.
For more information on Synovate visit www.synovate.com.