Ipsos PAX Study (formerly Synovate PAX) reveals latest trends for Asia’s upscale affluent population on lifestyle, spending and media consumption
2012 findings show real shifts in affluent consumption across most categories.
Asia’s most comprehensive survey of the upscale affluent market covering 11 countries across the region show 2012 as cautious year for Singapore’s affluents – with travel for business and leisure down, but ownership of technology devices such as smartphones and tablets highest in the region.
The 2012 Ipsos PAX study surveyed affluent groups in Hong Kong, Singapore, Korea, Taiwan, Thailand, Malaysia, India, Indonesia, the Philippines, Australia and Japan. The survey is conducted year-round, and Ipsos spoke with 20,269 affluent people across the region (with 1,630 of them from Singapore) to obtain the 2012 results.
Singaporeans spend their way out of world recession
As they continue to spend on luxury items, local affluents continue to get more credit cards: Amex (from 15% to 21%), Visa (64% to 70%), Mastercard (54% to 59%) all benefitted to a similar extent.The number of platinum cards jumped even more, going from 50% to 61% in 2012.
At the same time, investment in financial products is down overall: Investment in Stock/Securities/Bonds (42% to 36%), Unit Trust Fund/Mutual Fund (36% to 25%) or life insurance (84% to 68%).“Singaporean affluents seem to be spending their way out of the world recession. They were more inclined to increase spending in luxury and household products, rather than investing in mid to long term investment products. Another proof of this behavior can be found in their average monthly billing with their credit/charge cards, which went up from US$ 1146 to US$ 1482.”
Singaporeans found other ways of enjoying themselves – locally. For example, more people are now interested in sport, particularly with soccer which is up from 20% to 22% in 2012, or jogging, up from 12% to 19% this year. Lui said: “These interesting figures show how the affluent population is trying to find more ways to relax while staying in Singapore. Outdoor sports especially are on the rise in Singapore.”