Hong Kong's elite buy major assets.(Survey)(Brief article)

Hong Kong's elite consumers are getting wealthier--and acquiring major assets. This is the central conclusion about these high income Hong Kong residents, which appears in the results of the PAX media survey conducted by the global market research firm Synovate. The results were released on October 2, 2007. The survey was conducted in several Asian markets. This review focuses on Hong Kong.

Synovate said, "Wealthy Hong Kong people have significantly increased their ownership in stocks, securities and bonds; funds; privilege or priority banking accounts, investment properties and life insurance. The biggest increase year-on-year was in private property that they are living in, rising 6.0 percent to 59.0 percent."

Survey results showed that acquiring these major assets has taken some of the energy out of wealthy Hong Kong consumers desire to shop. "For a place where shopping has been the national past time, the elites are changing their game."

The particular income segment surveyed by Synovate decidedly includes consumers who have everything. They, "already have high ownership of luxury, personal and household products," according to the analysis. One speculation: Since these consumers own what they want to, they may be waiting for "the next big thing."

In spite of their lull in shopping fervor, Synovate says that, "many marketers will be pleased to see that luxury still rules in Hong Kong." As examples, Synovate offers: Purchase intention for designer goods and luxury watches is highest in Hong Kong compared with the rest of the Asia Pacific region. Some 8.0 percent of respondents said they intended to purchase luxury designer and leather goods. And 15 percent have plans to purchase a watch next year valued at over us$500.00.

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