The 2010 Synovate PAX results, which cover Q3 2009 to Q2 2010, show that affluent elites who own or intend to buy high-end products are spending an increasing amount of time on the internet, watching TV, and reading print compared to the same period in 2008/2009.
Steve Garton, executive director of media at Synovate said: "The economy was tough last year, yet people still spent on goods of desire. This year we have a much healthier economy and elite consumers are maintaining their spending.”
“Affluent people who consume regional media are buying more high-end items than those who do not. Brands can reach a poised-to-spend, sophisticated audience through regional media channels,” he added.
Additional key findings include:
1) Affluent Asian consumers are trend-followers for the latest gadgets. The survey showed significant rises in ownership of high definition televisions (HDTV, up from 19.5 per cent across the region to 28 per cent), laptops and notebooks (rising from 48 per cent to 51.8 per cent). The survey found that nearly half of elite Asians (46.7 per cent), and especially those in top management (58.3 per cent), see technology as a key to their success
2) Hong Kong is one of the leading Asian markets for all things-techno, with 54.9 per cent owning a laptop or notebook, 83.6 per cent a digital still camera and over half have HDTV. Hong Kong has maintained its status as one of the survey’s leading markets for luxury.
3) The ‘Year of the Smartphone’: ownership doubled in Hong Kong. Smartphone consumption was up from 10.4 per cent to 15.8 per cent across the region. This wave of acquisition peaked in Taiwan, where it jumped from 15.5 per cent ownership to 27.7 per cent in one year. In Hong Kong, smartphone ownership doubled, from 11 per cent to 22.4 per cent, and Singaporeans also bought a mountain of mobiles (23.1 per cent own them now, up from 14.7 per cent last year).
4) Hong Kong respondents were most likely to own one or more items of jewellery of US$1,000 value or more, with 32.5 per cent enjoying such a piece. Similarly, 28.8 per cent own a luxury watch of US$1,000 value or more.
5) Affluent Hong Kongers are also most likely to spend on designer clothes and leather goods worth US$1,000 or more, with 16.1 per cent investing in these items for their closets. Accessories and footwear are catching up with clothing, with 10.3 per cent of affluent Hong Kongers spending over US$1,000 in this category.
6) The 2010 results show that across the board elite Asians like to shop and they don’t mind paying more for something special, but this is especially true for the younger elites (age 25 to 34). Forty-three percent of these mostly Gen Y-ers agreed they ‘enjoy the fun of shopping’ versus 36 per cent across all ages, and 52 per cent said they like to treat themselves to something special even if it’s expensive, versus the average of 46.5 per cent.
In its 14th year, Synovate PAX is the region’s most comprehensive study of elite adults, tracking media and digital consumption, prosperity, and influence across 11 markets from Hong Kong, Singapore, Korea, Taiwan, Thailand, Malaysia, India, Indonesia, the Philippines, Japan to Australia.
The survey is conducted year-round, and Synovate spoke with 1,674 affluent Hong Kong residents to get the 2010 results.