hni report 2015

Affluent Insights™ Report Summary: 2015 High Net Worth Individual Reports

In 2015 the HNWI population of Asia Pacific surpassed that of North America, becoming the region with the largest number of HNWIs in the world1. These reports examine four markets; USA, which still dominates all other markets in terms of the number of millionaires for a single country; China, which has the fastest growth in the number of HNWIs and ranks 4th in the total number behind US, Japan and Germany; Singapore and Hong Kong, which have extremely high concentrations of HNWIs among the total population.

hni report
We focus on this population with 1 million+ USD in investable assets; their purchasing behaviour, motivations, media channels and brand preferences when it comes to purchasing premium and luxury products and services. We interviewed a total 415 HNWI respondents:

COUNTRIES
HNWI SAMPLE SIZES
China n = 104
Hong Kong n = 100
Singapore n = 101
USA n = 110

Example Findings from the Report:

  • HNWIs in the US are older, past mid-life, while many in China have yet to hit 40.
  • Besides offering high quality, across markets, HNWIs expect luxury products to be unique. Overall, craftsmanship and design/styling are the primary motivators for buying luxury.
  • Many Chinese millionaires are new to buying luxury products, and they expect a level of social responsibility from luxury brands.
  • Wealthy consumers in China and the US are likely to buy luxury online, while their counterparts in HK and Singapore prefer to shop in a physical store.
  • Travel commands the largest share of wallet of HNWIs’ discretionary spending
  • Luxury brand websites and print magazines are the most powerful information sources for most luxury product categories, however recommendations from friends and family often have more influence on the final decision.

The HNWI Reports are based on findings from the Affluent Insights™ 2015 Luxury Survey:

  • Fielded online in May/June 2015.
  • Covering four markets: China, Hong Kong, Singapore, and the USA
  • All respondents are defined as affluent , command at least USD$1M in investable assets, and have annual household incomes as per the table below

COUNTRIES

AFFLUENT DEFINITTION (HHI)

China

CNY 240,000+

Hong Kong

HKD 960,000+

Singapore

SGD 135,000+

USA

USD 150,000+

PRODUCT CATEGORIES COVERED:

Affluent Insights™ 2015 HNWI reports cover premium brands across the following categories:

  • Fashion/Accessories (83 brands)
  • Watches (82 brands)
  • Jewelry (39 brands)
  • Skincare (52 brands)
  • Makeup (49 brands)
  • Financial Services (50 brands)
  • Cars (46 brands)
Combined Report (covering all 4 markets): USD 9,750
Single Market Report (CH, HK, SG or US): USD 2,850
Contact: Jason@agility-research.com / +65 6396 5168