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The size of the mass affluent market in Hong Kong is estimated to be around 3.2 million individuals. Considering its size, the segment is more lucrative than even the HNW segment. It can easily be categorized as the most important segment for providers in Hong Kong. Given that Hong Kong is a financial hub in Asia Pacific, the banking environment itself is filled with a vast amount of financial management products for consumers to choose from. This kind of environment has also driven consumers in Hong Kong to be more active in investing their liquid wealth compared to most other markets. Hence providers often have to provide a variety of products as well as collaborating with their brokerage divisions to satisfy their customers.
- When comparing the gender of mass affluents the difference is quite small for Hong Kong, with a 2% variation between male and female mass affluent consumers.
- Segmented by age, most mass affluent individuals are older, with over 60% of mass affluents fitting into the pre-retirement age and above.
- With the abundance of information provided by banks online, consumers can easily compare retail banking products in Hong Kong. This has increased the importance of the online channel over others in the past decade.
- The urban structure of a city such as Hong Kong means accessing a bank branch is easy, making the branch a well-utilized channel.
- Mass affluents and their retail counterparts use social media as frequently as the other, bucking the concept that an older individual cannot be engaged on social media platforms.
- Hong Kong mass affluents have grown accustomed to banking on the PC - a habit banks will need to overcome if they wish to shift more consumers to mobile.
Verdict Financial's "Mass Affluents: Channel Use in Hong Kong" provides analysis of the mass affluent consumer segment in Hong Kong. It is divided into four short sections, starting with a look at the segment overview of this consumer group. The report then looks into their channel preferences for different banking activities, such as product research and application. The report ends with mass affluents' attitudes towards the various channels they prefer, as well as laying out the reasons why they avoid certain channels.
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- How are the demographics of the mass affluent segment influencing their channel preferences?
- Which channels do mass affluent consumers use to conduct their research on banking products?
- What are the preferred channels of application among mass affluent consumers?
- How does the mass affluent segment utilize social media and digital channels in banking?
- Bank of China
- Hang Seng Bank