Wednesday, 26 October 2011

Fact of the Day: Hong Kong's Rich Spending Habits

Hong Kong is the top consumer market for luxury merchandise among 10 other markets in the Asia-Pacific region.

The Pan Asia Pacific Cross Media Survey is conducted annually by global market research firm Synovate where 20,000 affluent Asians were polled, 1,747 were from Hong Kong.

The survey has been conducted for the past 15 years and it has found that the rich are not only recession-proof, but also early adopters to technology.

In 1997, the same year the survey started, more than half of Hong Kong's wealthy owned a mobile phone; now it's 95 percent.

"Our findings have shown that this affluent group of consumers is a pillar in supporting many brands and product categories, who continue to spend despite boom or bust," said Steve Garton, managing director and global head of media at Synovate.

Fifteen years ago 48 percent of affluent consumers owned a laptop of desktop computer, and now it's close to 80 percent.

Hong Kongers are the top consumers when it comes to high-definition televisions, with the overall percentage jumping to 65 percent this year from 36 percent in 1997.

The affluent like to have expensive watches and one in three have a timepiece that costs more than $1,000, more than twice the regional average.

And when it comes to wine consumption, it has tripled since 1997. While Sydney and Melbourne are the top consumers at over 60 percent, Hong Kong is fourth at 27 percent.

Also more than half of Hong Kongers own stocks, securities and bonds which is above the regional average of 33 percent.

Meanwhile the rest of us are taking public transport, bringing home-cooked meals to work and wearing clothes until they fall apart...

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