If you want to design an effective marketing campaign, it is important to know and understand your target group of customers well. International luxury brands are looking at China and the Asian region to drive their growth. But the consumer behavior they are faced with is different from what they are used to in Europe or America or even Japan. In order to throw some light of China’s band of rich who have become one of the world’s most influential social groups HSBC corporation and international research company Nielsen have done a survey.
The countries covered under the survey were mainland China, Hong Kong, Taiwan, Singapore, India, Indonesia, Malaysia and Australia. The study was focused on understanding the behavior and preferences of the richest ten percent of the population in these countries. The major finding of the study was that average age of the rich in China was just 36 and that 20 percent of them were single. Also, 64% of the rich in China were male. These findings make it easier for us to understand why China has become such a potent force in the global tourism and luxury markets.
China also has the highest percentage of Double income no kids households. They form 18% of the total rich households. The survey found that Indonesia had the second youngest collection of wealthy, with an average age of 38, in front of India where the age was 39. Hong Kong’s average, meanwhile, was 48. China is heading to become the largest outbound travel market as 79 million Chinese are estimated to be traveling overseas by 2015. And more importantly a majority of them would opt for high end luxury travel experiences. Another important aspect is that these rich Chinese travelers spend a quarter of their budget on shopping for luxury goods which is good news for the international luxury brands.