GlobalData's latest report, 'China Wealth Management: Opportunities and Risks to 2022', reveals that the number of affluent
individuals recorded an average annual growth rate (AAGR) of 9.2% between 2014 and 2018, rising from 28.35 million in 2014 to 40.13 million in 2018.
* ICBC enjoys a strong lead over its rivals in the current account market, with a 27% share among mass affluents
vs 25% for the retail market.
Eighty percent of hyper affluents
preferred to engage with firms they had previously worked with, while only 69% of their younger counterparts expressed a similar level of loyalty.
And while affluents
don't mind spending money on products and services, they most definitely want a bang for their bucks.
A new report from market research firm Mintel reveals that most Mass Affluent
consumers (78%) have not changed their credit card payment behavior in the last 12 months, despite economic turmoil in the country."It's encouraging to see that so many Mass Affluents
are paying their credit card bills the same way they did before the recession," states Susan Menke, Senior Financial Services Analyst at Mintel.
Australian mass affluents
skew towards the older ages, and thus are slightly more conservative when it comes to digital advancement in banking.
Looking to the future, Unity Marketing expects affluents
to remain strategic in their purchasing by making tradeoffs that will maximize the luxury return on their investment.
Verdict Financial's "Mass Affluents
: Product Holding and Preferences in Australia" provides an analysis of the mass affluent
consumer segment in Australia.
* DBS and POSB, a sub-brand owned by DBS, dominate the current account market for mass affluents
, with a combined share of 56%.
"Despite lower purchase levels, the affluents
who bought personal luxuries in 2009 spent nearly 50% more on their purchases than they did in 2008.
* Mass affluents
in the UK hold significantly more product types than retail consumers, with the greatest differentials for investments, insurance products, credit cards, and savings accounts.
also have a strong preference for banks that have a longstanding reputation and are financially stable.
* Mass affluents
in China hold more products than average, and are significantly more likely to own investments and insurance products than the general population.
* The tide has finally turned and affluent
consumers are gaining confidence and spending more as a result, according to Unity Marketing, which is predicting strong back-to-school and holiday shopping seasons.
According to Bureau of Labor Statistics data, the affluent
group accounts for 38.5 percent of total consumer spending in the U.S., with an average annual expenditure of $94,244.