Affluent Insights 2014: Where are Affluents?
For many luxury brands, Asia seems to be the next best destination. With its strong base of millionaires and nouveau riche, the luxury goods and services sector is sure to see a steady increase in demand in the coming years. Asia replaced North America as the region with the highest number of high net worth individuals in 2013.
Agility Research & Strategy’s Syndicated Study have been focusing on understanding this consumer base. And the resultant - Affluent Insights 2014 – “aims to understand the consumption patterns, brand preferences and detailed insights of the Affluent Asian consumer”. Infographics that bring together a strategic picture on a week in the life of the affluent consumer from China, Hong Kong, Singapore, America, and Indonesia is sure to be a handy tool for a luxury brand.
Here is a look at the infographics and the details they present.
China
The majority of Chinese respondents are females (54%), aged 18-34 years (59%). They are likely to be married (85%) with children younger than 15 years (83%). They are usually employed in high-ranking positions such as Vice president, director, general manager, or department head (22%). 24% of them have investments between USD$ 0.5 million to USD$ 5 million. The different days detail the information channels they pay attention to for the top categories they spend in, as well as their favorite brands, shopping sites, and vacation spots.
Hong Kong
The majority of Hong Kong respondents are females (58%), aged 18-34 years (55%). They are likely to be married (62%) with children younger than 15 years (56%). They are professionals such as doctors, lawyers, or engineers (19%). 33% of them have investments between USD$ 0.5 million to USD$ 5 million. The different days detail the information channels they pay attention to for the top categories they spend in, as well as their favorite brands, shopping sites, and vacation spots.
Singapore
The majority of Singaporean respondents are males (56%), aged 18-34 years (43%). They are likely to be married (71%) with children younger than 15 years (55%). They are usually middle to high level managers in private or public companies (29%). 18% of them have investments between USD$ 0.5 million to USD$ 5 million. The different days detail the information channels they pay attention to for the top categories they spend in, as well as their favorite brands, shopping sites, and vacation spots.
USA
The majority of American respondents are males (51%), aged 18-34 years (41%). They are likely to be married (86%) with children younger than 15 years (43%). They are usually employed in C-Suite positions (19%). 24% of them have investments between USD$ 0.5 million to USD$ 5 million. The different days detail the information channels they pay attention to for the top categories they spend in, as well as their favorite brands, shopping sites, and vacation spots.
Indonesia
The majority of Indonesian respondents are males (57%), aged 18-34 years (59%). They are likely to be married (74%) with children younger than 15 years (69%). They are usually business owners, partners, or entrepreneurs (22%). 16% of them have investments between USD$ 0.5 million to USD$ 5 million. The different days detail the information channels they pay attention to for the top categories they spend in, as well as their favorite brands, shopping sites, and vacation spots.
Affluent Luxury Consumer Segmentation
Not all affluent consumers are the same, but finding common characteristics that defines segments in this market can help us understand and better target this high value consumer base. Focusing on smaller homogeneous groups that think and behave in a similar fashion allows a brand to customize its offering, making them more relevant to the consumer. Nowadays, luxury is about providing a personable, customization experience to the end user.
Our friends at Agility Research and their team of data scientists and methodologists propose a new insightful segmentation solution - the Affluent Luxury Consumer Segmentation. Using data from syndicated studies conducted every quarter, they have identified four distinct affluent consumer profiles based on behaviour and psychographic attitudes in relation to purchasing luxury products from different categories.
The Affluent consumer audience can, therefore, be segmented as such:
“Exclusivity is a luxury only a premium brand can deliver.”
The Exclusivity Seeker
is a key segment for many high-end brands as they have considerable disposable income and spend liberally across multiple luxury categories. These consumers spend on luxury cosmetics and fashion and are especially likely to spend on travel. For this segment exclusivity is a luxury a premium brand can deliver. They are likely to be female, 40-49 years old, a Manager, Director, or VP in a public or private company.
“Luxury products that I buy on my travels elevate my social status.”
The Indulgent Traveler
buys luxury predominantly at airports or in cities they travel to. The travel indulger is also something of a socialite who is looking to elevate his social status by buying luxury products. He is likely to be a professional (e.g., doctor, lawyer, engineer), male , and 30-49 years of age. The Travel Indulger spends money on high-end accessories such as premium/ luxury watches and jewellery.
“ Online luxury does not phase me; I research and buy virtually.”
The Virtual Shopper
does not have an issue with luxury converging with the online world. She both researches and makes luxury purchases online. She values luxury goods for their higher quality and uniqueness. The virtual Citizen is predominantly a female professional who is 20-29 years old. Her wardrobe is likely to displays fashion pieces from Calvin Klein, Gucci, Coach, and/or Chanel.
“Luxury is great, but only at the right price online and tax-free.”
The Luxury Bargain Hunter
sees luxury goods desirable, but only at the right price. This segment goes online to search for luxury products and prefers to buy products tax free. The Luxury Bargain Hunter is likely to be a female aged 50-59, a professional, or a mid to high level manager. While they have the least spending power out of all the segments, the Luxury Bargain Hunters spend more than others on electronic gadgets and on their vehicle.
Seek a consultant at www.affluential.com to get a more comprehensive profile of each segment or to apply their unique segmentation solution to your projects.
Meet Affluential.com - Infulential Affluent Customer Research
The cornerstone of any successful marketing strategy lies in the ability to reach a large customer base. One of the most powerful and influential classes of market that both the marketers and the brands cannot afford to overlook is the affluent group. This upper class has been growing exponentially over the past few years and has come to occupy a large portion of the market share – representing more than 25% of any country's top income levels. They demand attention, they are influential, and their purchasing power makes them the crème de la crème of the market.
The United States of America has the largest pool of affluent customers, followed closely by Europe. Moreover, reports suggest that, within the next decade, Asia will be home to over a billion affluent customers. This kind of market share cannot be ignored by brands and marketers. Understanding these Affluent customers - their capacity for influence and their decision-making power - is going to help in staying competitive and relevant in this changing global scenario.
Reaching out and connecting with this elite group has become a must for marketers and brands worldwide. Existing market solutions such as offline surveys are not going to be helpful, as they are lengthy, expensive and inaccurate. That is where Affluential.com comes to your aid. With a platform built by one of Asia's leading research firms - Agility Research and Strategy - the processes of research and market survey are made easier, simpler and far more accurate than ever before. The Affluential tools give brands an accurate insight into the decision-making minds of the ‘Influential Affluent’ spread across the globe. This customer group influences the market and the buying decisions of others, and defines the way a brand is going to be received in any market. Regardless of whether you are planning to sell a handbag or a sports car, Affluential gives you access to Influential Affluent customers who form a major segment for brands and markets to target.
Affluential lets you create powerful surveys and reach out to global panels of affluent customers easily. Affluential recruits these customers using various innovative methods – CEO referral campaigns, luxury publisher tie-ups, frequent flyer programs, clubs and financial services. These members then undergo a rigorous verification process to make sure that you get the right respondent profile to get accurate and quality results. This database is refreshed, updated and verified regularly so that you get high quality results from the Influential Affluent.
With access to more than 25% of any global market, every marketing manager, owner, business planner, or a consultant sitting anywhere in the world, can fine-tune their marketing strategy and approach it in a better manner. With a fast lead time, diverse global reach and efficient research methods, Affluential takes away the most cumbersome and complex market research process and provides luxury brands with fast and accurate results for better strategy-making.
With a huge database of more than 38 million affluent respondents from around the world, access to the global consumer’s mind is at your fingertips. This mammoth-sized database can easily be filtered by country and income levels. With rich charts, custom-made questionnaires, expert opinions of consultants, multi-language capabilities and easy payment modes, reaching out to Affluent customers is made easy. Affluential.com makes sure that the world is an open playing field for all businesses and brands allowing you to make sure your products reach their target customers without any hassles. Affluential brings its expertise, experience and global market insight to your fingertips.
Don't hesitate to browse Affluential 's website to learn more about their luxury consumer research services, or if you need an introduction, simply reach out to us.