HOW TO IMPRESS CHINA S MASS AFFLUENT MALES

Transcription

1 HOW TO IMPRESS CHINA S MASS AFFLUENT MALES 2016

2 MANY THANKS TO KEY CONTRIBUTORS: Genevieve Tan, Associate Director, Convergence Planning, Carat Rain Huang, Research Director, Strategy & Innovation, Carat

3 The dramatic boom in China s economy in the last decade has resulted in the growth of the largest group of mass affluent class ever. With this new change, brands grapple to understand this increasingly sophisticated group. Carat s latest report on China s mass affluent class males (M.A.C males) gives us a glimpse of who they are, their perception on entrepreneurship and how they make an impression today. COMPARISON BETWEEN NEW & OLD AFFLUENT MALES 72% University Degree & Above 9 2% 6% 76% Prefer Living in Tier 1 Cities New Affluent Males 6% 51% 63% 82% 36% 36% 2000 Poor (<6000) Value ( ) 10% 7% e Mass Affluent ( ) 79% Own private property SHARE OF MONTHLY HOUSEHOLD INCOME (RMB) 1% 37% High Net Worth (>34000) 3 68% Old M.A.C Males This new generation of M.A.C males between 25 and 40 years old, are different from their past generation counterparts. Having ever ything handed to them on a silver platter, with higher education and more international exposure, China s M.A.C males have become more sophisticated and refined. They seek experiential leisure activities centered on their personal enjoyment, such as traveling, swimming and leisure driving as compared to the more statusbased activities, such as golf, a preference enjoyed by previous generations.

4 ESTABLISHED LOUD & SHOWY SOPHISTICATED & REFINED ASPIRATIONAL It would be erroneous to assume that all M.A.C males are the same. Carat s report divides them into five groups namely Aficionados, Skeptics, Epicureans, Aspirants and the Bling Kings. These five groups vary across the spectrum in terms of level of sophistication and how established they are. Aficionados and Epicureans are connoisseurs of style and fashion, always willing to experiment with new styles and technology. Aspirants and Bling Kings are more spontaneous and love to be in the limelight. For Aficionados and Epicureans, entrepreneurship is about being unique, visionary and making people s lives easier. Aspirants and Bling Kings on the other hand believe that entrepreneurship should be more about intuition and leveraging the right opportunities. SWIMMING +380% ROCK CLIMBING +124% CAR RACING +103% FISHING +91% LEISURE DRIVING +338% GYM +302% CAFÉ/BAR +147% DINING OUT +118% 4

5 All five groups are in agreement that it is not just about making money but about making lives more convenient. For them, key areas of interest topics within entrepreneurship includes IoT, IoV, e- commerce, O2O and cross-industries development. Social entrepreneurship is an unfamiliar concept to them and often riddled with misconceptions. Social entrepreneurship is often confused with NGOs, environmental protection and charities. M.A.C males consume entrepreneurship content directly from famous and established international and local Chinese business and tech entrepreneurs who they are most familiar with such as Elon Musk, Mark Zuckerberg, Jack Ma and Li Kai Fu. These affluent males actively rely on their digital devices but have low susceptibility to ads specifically for the highly sophisticated Aficionados, Skeptics and Epicureans. They seek out content directly related to their industry of interest instead of entrepreneurship as a topic. They demand details, substantiated opinions and are not satisfied with overgeneralized content. Search engines are their gateway to these more in-depth information and clarifications. Mobile is their preferred platform for day-today quick information and discussions. Immediacy, personalization and O2O are increasingly expected as a norm. M.A.C males place a lot of trust on a very close knit group of peers and associates for opinions and thought leadership in order to form their own perspective. TOP 10 TV PROGRAM GENRES WATCHED IN THE PAST YEAR Biz News & Tech Serials Film Sports Topical Issues Documentaries Live Game (Sports) Entertainment Variety Legal Weather Financing 0 Reach (%) Affinity TOP 10 INTERNET VIDEO GENRES WATCHED IN THE PAST YEAR Film Serials Biz News & Tech Music Sports Food Game Car Traveling Financing 0 Reach (%) Affinity 5

6 Brands need to break into tight knit groups through content exchanges with respected and established entrepreneurs in order to capture their attention. They should inspire them through people they look up to and showcase details on how they can apply these learnings into their own ambitions. Service platforms provide an opportunity to break into and build relationships by first starting from M.A.C males most trusted inner circle. Providing exclusive money-can t-buy experiences for M.A.C males and their peers, giving them a chance to impress, is another way of drawing them out. detailed knowledge in an interest or hobby. Aficionados and Epicureans are more discerning, they listen and observe before they converse to impress through business or lifestyle conversations. Brand communications have since shifted to highlight craftsmanship and heritage over bling. This is done with the aim of creating brand appreciation through storytelling with substance to capture M.A.C males attention. Impress as a concept has shifted away from a blatant show of status and wealth to one of sophistication, intelligence and influence. The aim of making an impression is to obtain admiration, respect and at the same time be trendsetting. This is done by making a good impression, being fluent in multiple languages, showing interest in cultured lifestyle activities and showcasing 6

7 Aspirants and Bling Kings try to impress by starting conversations about themselves and their experiences. Their consumption driven lifestyles are opportunities to impress. Occasions to party are both ad hoc and planned, with WeChat becoming the ecosystem critical to their party regiment and a platform to showcase their experiences and influence. Providing exclusive content or experiences allows new M.A.C males to gain bragging rights about the first-to-know. Overall, the days of simply flashing one s brand in front of the new generation M.A.C male is over. With their increasing demands for substance and sophistication, brands need to shift much more into engagement in order to be part of the storyline. 7

8 LAUNCHED IN 2009, JING DAILY IS THE LEADING DIGITAL PUBLICATION ON LUXURY CONSUMER TRENDS IN CHINA. PROFESSIONALS SEEKING TO UNDERSTAND CHINA S COMPLEX AND RAPIDLY EVOLVING LUXURY INDUSTRY LOOK TO JING DAILY FOR FRESH AND ACCURATE INSIGHTS. WE PUBLISH UP-TO-THE-MINUTE NEWS UPDATES, REPORTS ON KEY TRENDS, INSIGHTS FROM LEADING INDUSTRY FIGURES, AND IN-DEPTH ANALYSIS ON THIS VITALLY IMPORTANT MARKET. JING DAILY IS REGULARLY QUOTED AS A TRUSTED INDUSTRY VOICE ON THE NEW YORK TIMES, INTERNATIONAL HERALD TRIBUNE, WASHINGTON POST, BBC, CNN, BLOOMBERG, FINANCIAL TIMES, THE INDEPENDENT (UK), THE ATLANTIC,HARPER S BAZAAR, FORBES, BUSINESS OF FASHION, QUARTZ, SKIFT, THE GLOSS, LUXURY SOCIETY, AND MORE. ESTABLISHED IN 1968 AS THE WORLD S FIRST MEDIA AGENCY, CARAT IS PART OF DENTSU AEGIS NETWORK, THE GLOBAL COMMUNICATIONS NETWORK INNOVATING THE WAY BRANDS ARE BUILT. CONSISTENTLY AT THE TOP OF RECMA S GLOBAL QUALITATIVE EVALUATION RANKING, CARAT SERVES CLIENTS IN 150 COUNTRIES VIA A NETWORK OF MORE THAN 9,000 TALENTED STAFF. SCAN TO FOLLOW CARAT S WECHAT ACCOUNT FOR MORE WEEKLY UPDATES! For more details please contact us at: SARAH WEYMAN Head of Corporate Development, Carat China 15/F, 5 Corporate Avenue, No. 150 Hubin Road, Shanghai T: sarah.weyman@carat.com