Mass Affluents in China: Product Holding and Preferences
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Mass affluent populations around the world are growing in size, making them an increasingly important segment for financial providers. These consumers possess more financial products than average, maintain higher levels of savings and investments, and are more likely to use added-value services. This makes them an attractive and profitable segment to target.
Scope
• Mass affluents are more inclined than retail consumers to keep their savings with their main bank. More than three quarters (76%) of mass affluents use the same provider for both products, which is marginally greater than the 70% of retail consumers. This also makes mass affluents a particularly valuable segment in which to drive cash flow for lending operations.
• ICBC enjoys a strong lead over its rivals in the current account market, with a 27% share among mass affluents vs 25% for the retail market. China Construction Bank follows closely with a market share of 24%. Collectively, the top three banks hold 64% of the mass affluent market in China.
• Longstanding reputation (34%), financial stability (29%), and international brand (22%) are key drivers for mass affluents when choosing a savings provider. The first two factors are significantly more important to mass affluents than retail consumers, suggesting that traditional, established banks have an intrinsic advantage when competing for this segment.
• Conditions appear favorable for future growth in P2P lending in China, with 66% of mass affluents claiming to be happy to borrow from such a lender, and 50% happy to invest funds in this sector. Regulators need to ensure strict oversight in order to prevent any major losses that may dent consumer confidence.
Reasons to Buy
Improve your targeting of mass affluents in China by learning about their preferences with respect to product features.Identify the key factors that drive mass affluents' choice of providers.
Understand the extent to which mass affluents are using P2P lenders.
Bank of China
China Development Bank
ICBC
China Construction Bank
PPDAI
WeLend
CreditEase
Webank
NAB
Agricultural Bank of China
HSBC China
Postal Savings Bank of China
China Merchants Bank
SPD Bank
Bank of Beijing
Bank of Communications
Ping An Bank
Bank of East Asia
Baixin Bank
ICICI Bank
Baidu and People’s Bank of China.
Table of Contents
Table
Figures
Frequently asked questions
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.