Published on : May 20, 2016
ALBANY, New York, May 20, 2016: In financial services and marketing, mass affluents are high-end individuals of the mass market with liquid financial assets amounting to US$100,000 to US$1,000,000. In other words, mass affluents are consumers with a yearly household income of more than US$75,000. Mass affluent consumers form an essential pool of consumers for sellers of inexpensive luxury goods. For banks targeting to increase their yearly turnover, targeting the mass affluents represents one of the best returns on efforts. A growing number of mass affluents in Australia has made the country a target market for such banks and financial institutions. The mass affluents market in Australia is a large client pool with important assets to service. The mass affluent group provides many opportunities for the banks to earn more from a range of products.
The rising number of mass affluents is expected to propel the Australia mass affluents market in the years to come. This in return is expected to benefit the global mass affluents market in the long run. Considering the importance of saving money, more and more people invest in different saving schemes so as to save more for the future. Changing lifestyle also helps people to save more money. Factors such as increasing income and the changing economy are expected to benefit the Australia mass affluents market in the near future.
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Over the past few years, the Australia mass affluent market has been offering new products to a large pool of consumers. Thanks to a large asset base, this pool of consumers create a large potential business for service providers. The mass affluent segment in Australia comprises elderly people, with more than 75% of the people having a combined assets of Australia $300,000 on an average. This consumer group is also conservative with their liquidity. Thus, this consumer group is driven by the well-established relationship and trust with their banking service providers.
The Australia mass affluents consumer segment is profiled with a pool of older consumers, which makes them more conservative. They are also profiled as consumers with high income having greater liquidity. In Australia, more than 50% of mass affluent consumers consider technology as the most important element of any offering of service providers. With sophisticated mobile technology being introduced, consumers are now demanding remote banking services on their mobile phones.
The Australia mass affluents market is studied in the report by considering four sections: demographic, product type, the technology used in banking service, and finances of mass affluents.
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