Research Shows Maturing Aspirations Of Wealthy Asians

Economic growth and a healthy older population are rapidly expanding the affluent middle class in Singapore. New global research from Collinson Group reveals distinct motivations and attitudes amongst this group which go beyond traditional demographic and geographical boundaries. Today’s affluent consumers place a higher priority on family, altruism and enriching experiences, ahead of luxury products and short-term satisfaction.

Providing for family, spending time with family and saving for the future are the top three priorities for Singapore’s mass affluent consumers. Giving back to charities and the community and protecting the environment also rate higher than buying leading brands and driving a luxury car. Spending on grandchildren, children and partners is the main indulgence for Singaporeans when investing their money (22%), followed by holidays (17%), and dining out (13%).

Collinson Group commissioned research with 4,400 consumers within the top 10-15% of global income in Brazil, China, India, Italy, Singapore, the United Arab Emirates, the United Kingdom and the United States. The global research identifies four “tribes”, or groups of people, who share some common traits which cut across age, gender and international boundaries.

Mid-Life Modernists are the most prominent tribe in Singapore and are characterised by their enthusiasm for technology. Prudent Planners are motivated primarily by family and trying to help others. The Stylish Spenders do still yearn for the finer things in life. Finally, there are the Experientialists who put money-can’t buy experiences at the top of their priorities.

The affluent middle class in Singapore travel more for business than pleasure and as a result rate having more leisure time as a priority compared to the global average. When traveling on holiday, the focus is on recharging and being pampered and keeping in touch with friends and family.

Christopher Evans, Director at Collinson Group says: “The quality of experience is increasingly the new currency for today’s affluent middle classes. Where previously the affluent middle class was more motivated by luxurious trappings, they now place a higher priority on family and life experiences such as travel, as well as experiences offered by the products and brands they choose. This is an important distinction for businesses trying to attract this growing and influential group.”

 

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