Rich-pickings ride out the economic storm
Hong Kong's rich people have come through the recent economic downturn relatively unscathed and are ready to spend as much as they ever did, a survey has found.
The wealthy are most likely to spend on electronic gadgets such as digital cameras, state-of-the-art televisions and designer clothing accessories, according to the survey by market research firm Synovate.
Sars, terrorism fears, the war in Iraq and the economic downturn had 'affected rich people in Asia to some extent but less than those with less money to spend', said Steve Garton, director of media research at Synovate.
The firm conducted 223,000 phone interviews over the past year in 11 Asian cities or countries: Hong Kong, Tokyo, Taipei, Sydney, Singapore, Seoul, Bangkok, India, Manila, Jakarta and Kuala Lumpur. Of the respondents, 19,222 were affluent people - defined in Hong Kong as the top 30 per cent of income earners, typically earning double the average income.
Synovate estimates there are 1.2 million rich people in Hong Kong out of 12.9 million wealthy people in Asia.
Mr Garton said affluent households were important because they helped drive the economy through their spending.
'They're rich, they have the money,' he said. 'They will carry on spending on things that improve their life.'
Mr Garton said the wealthy were usually among the first to buy new and innovative products, which could determine a product's future.
'They are an engine that sustains the economy and new products,' he said.
In Hong Kong, 12 per cent of wealthy people planned to buy a digital camera, a desktop computer or designer leather goods or fashion accessories in the near future, the survey found.
Also popular are mobile phones capable of accessing the internet, and flat-screen televisions with plasma or liquid crystal display technology, with 11 per cent of respondents saying they planned to buy such items.
