-- Wiseguyreports.Com Adds “Mass Affluents Market - AUSTRALIA Industry Analysis, Size, Share, Forecast ” To Its Research Database.
Australia Mass Affluents Industry
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Australian mass affluents skew towards the older ages, and thus are slightly more conservative when it comes to digital advancement in banking. Although they fully utilize the online channel they are not yet embracing mobile as much as the retail segment. This will change, however, and authorized deposit-taking institutions need to be ready for this with apps that can accommodate them. This consumer segment is very much comfortable with the online channel (it is the one they find most convenient) and providers will need to maintain a user-friendly platform to meet the banking needs of the mass affluent segment.
Key Findings
• The size of the mass affluent market in Australia is estimated to be around 3.3 million individuals. Considering its size and on a per capita level, mass affluents are a more lucrative segment than even the HNW segment.
Physically visiting a branch remains the main channel of research for over half of both the mass affluent and retail consumer segments.
Mass affluent consumers are keen on engaging with financial providers over social media. At the same time, the segment has also shown interest in using social media to conduct banking activities such as making payments.
Consumers don’t just go online to check balances anymore – they are performing complex banking activities more frequently online. This is even more true of mass affluents, as they have more complex financial needs and are generally more intensive users of bank services.
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Synopsis
“Mass Affluents: Channel Use in Australia” provides an analysis of the mass affluent consumer segment in Australia. It is divided into four short sections, starting with a segment overview of this consumer group. The report then looks into the channel preferences of mass affluents for different banking activities such as researching and applying for products. The report ends with mass affluents’ attitudes towards their ongoing preferences with regards to the various channels they prefer, as well as laying out the reasons why they avoid certain channels.
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Reasons To Buy
• How are the demographics of the mass affluent segment influencing their channel preferences?
Which channels do mass affluent consumers use to conduct their research on banking products?
What are the preferred channels of application among the mass affluent consumer segment?
How does the mass affluent segment utilize social media and digital channels in banking?
Key Highlights
• How are the demographics of the mass affluent segment influencing their channel preferences?
Which channels do mass affluent consumers use to conduct their research on banking products?
What are the preferred channels of application among the mass affluent consumer segment?
How does the mass affluent segment utilize social media and digital channels in banking?
Check Related Reports:
Mass Affluents: Attitudes and Needs in Australia : The Australian mass affluent market offers a large pool of consumers. With a very large asset base, this segment of consumers offers a lot of potential business for providers. The mass affluent segment in Australia tends to be older, with over 75% having combined assets of A$300,000 on average. At the same time this consumer group also tends to be more conservative with their liquidity. Hence this set of consumers are driven by the trust and relationships that are established with their banking providers.
Mass Affluents: Channel Use in Hong Kong : The size of the mass affluent market in Hong Kong is estimated to be around 3.2 million individuals. Considering its size, the segment is more lucrative than even the HNW segment. It can easily be categorized as the most important segment for providers in Hong Kong. Given that Hong Kong is a financial hub in Asia Pacific, the banking environment itself is filled with a vast amount of financial management products for consumers to choose from. This kind of environment has also driven consumers in Hong Kong to be more active in investing their liquid wealth compared to most other markets.
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