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.
The Australian mass affluent consumer segment can be profiled as an older consumer group, making them somewhat more conservative. At the same time they fall into a higher income bracket, with greater liquidity that needs to be managed.
Almost half of mass affluent consumers want to receive preferential rates that recognize their loyalty. A growing number of products in Australia incentivize customers based on loyalty, and banks that are deficient in this respect risk losing customers to competitors with stronger loyalty programs.
More than half of Australian mass affluent consumers see technology as an important or quite important element of a provider’s offering. And with the sophistication of mobile technology today, consumers are demanding that remote banking services be available on mobile.
Verdict Financial’s “Mass Affluents: Attitudes and Needs in Australia” brief provides an analysis of the mass affluent consumer segment in Australia. It is divided into four short sections, starting with a look at the demographic breakdown of this consumer group. The report then looks into the type of products mass affluents demand, along with their attitudes towards the technology used in banking services today. Finally, the report ends with a look at how mass affluents manage their finances.
Reasons To Buy
What is the demographic composition of the Australian mass affluent market?
Which products are mass affluents looking for to help them manage their finances?
How has the incorporation of technology in banking services been adopted by the mass affluent segment?
What attitudes do mass affluents in Australia have towards managing their finances?