OREANDA-NEWS. RnR Market Research Offers Report by Research on Mass Affluents in China

Summary

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.

Key Findings

  • 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.

Synopsis

Verdict Financial's Mass Affluents: Product Holding and Preferences in China report is one of a series of snapshots offering insight into the mass affluent consumer segment in China. It examines mass affluents' financial product holdings in detail. This snapshot is based on findings from our 2015 Retail Banking Insight Consumer Survey.