The number of HNWIs, those with more than USD 1 million in investable assets, has grown to over 1 million strong in mainland China, and this population is growing at a pace of over 16% per annum. Singapore on the other hand is a market which has been reported to have the highest concentration of HNW households, above 15%, and Hong Kong is in 4th place on the same metric. This makes targeting HNWIs in these two markets relatively easy. This is however a very unique consumer type, and it is vital to know what is the right media, message, and offer mix to target and engage the HNWI consumer in each market.
Amrita Banta, Managing Director of Agility Research and Strategy, will share insights from interviews with over 300 millionaires in China, HK and Singapore on their luxury and travel habits and preferences. This presentation is based on Affluent Insights™ 2017 HNWI reports, and looks into details about how millionaire consumer in different markets perceive luxury, what they expect from luxury brands and experiences, and what is their spending and outlook for travel. We will look at how often the HNWI consumer travels, what are the destinations they are going to and what activities are they doing there. We are also examining what is the media millionaires use to look for information and become aware of hotels and travel topics, and which sources are most influential in their final purchase decision.