Though it doesn’t come as much of a surprise, the Synovate PAX survey, released on October 18, reveals some interesting findings about the lifestyle and spending habits of the Indians who ‘have it’.
The Synovate PAX survey tracks media, prosperity and influence in 11 markets across the Asia Pacific region – India, Hong Kong, Korea, Malaysia, Thailand, Indonesia, Philippines, Taiwan, Singapore, Australia and Japan.
Amit Adarkar, Director for Synovate in India said that the personal acquisition of big-ticket items to improve self-worth was seeing an upswing among affluent Indians. “In just the last few months, our constantly-updated tracking has enabled us to watch India’s elites’ overdrive into higher product ownership, increasing purchase intentions and improving lifestyle.”
“The Synovate PAX results for 2005 show that the average monthly household income of India’s affluent residents now stands at a very comfortable $1634,” he said, adding. “With substantial household wealth, these Indians are rewarding themselves with purchases of quality technology products, consumer items and are bullish about dabbling in stocks/ bonds and funds.”
Some of the interesting findings were:
# Indians are traveling a lot, while business travel has surged by 19 per cent, leisure travel has gone up by 71 per cent over the 12 months ending June 2005.
# Gadget and gizmo ownership has also grown, sometimes phenomenally. While PC ownership is up by 39 per cent, mobile phone penetration among PAX respondents has increased to 54 per cent. DVD players have gone up by 25 per cent, while digital video camera ownership has doubled from 6 per cent to 12 per cent.
# But India’s richie rich still have a lot to catch up with when it comes to their Asian cousins. 81 per cent of Hong Kong elites own a PC, for Singapore it is 64 per cent. While ownership of still cameras stands at 53 per cent, that of video cameras increased by 40 per cent among the 10 Asia Pacific nations covered by the Synovate PAX study.
# Given India’s clout in the BPO sphere and the growing number of computer professionals queuing up to seek visas to foreign shores, it’s no surprise that Internet access has grown from 27 per cent to 35 per cent.
# While it’s spend, spend, spend for the affluent Indians, saving for a rainy day has showed a decline, with investment in property and life insurance dipping as compared to last year’s figures.
# While credit card ownership India has zoomed – from 22 per cent to 33 per cent – the growth in Asia Pacific is 69 per cent, with all major brands enjoying increases (the figure stands at 90 per cent in Hong Kong, and 75 per cent in Singapore).
# The Synovate PAX survey allows marketers to get a full picture of India’s affluent consumers - what they watch, read, buy and how they feel about advertising and branding – enabling them to target their marketing efforts.