Collinson Group unveils interesting report on the affluent middle class

11 Jun,2015

By A Correspondent

 

Economic growth and urbanisation are rapidly expanding the affluent middle class in India.  New global research from Collinson Group reveals distinct motivations and attitudes amongst this group which go beyond traditional demographic and geographical boundaries. Today’s affluent consumers place a higher priority on family, altruism and enriching experiences, ahead of luxury products and short-term satisfaction.

 

Spending on grandchildren, children and partners is the main indulgence for Indian consumers when investing their money. Giving back to charity and the community, and protecting the environment also rate higher than buying leading brands and driving a luxury car. Affluent Indian consumers also expect banks to behave ethically much more than other nations (79 vs 68 per cent globally).

 

Christopher Evans

Christopher Evans, Director at Collinson Group says: “The quality of experience is increasingly the new currency for today’s affluent middle classes. Where previously the affluent middle class was more motivated by luxurious trappings, they now place a higher priority on family and life experiences such as travel, as well as experiences offered by the products and brands they choose. This is an important distinction for businesses trying to attract this growing and influential group. 

 

Collinson Group commissioned research with 4,400 consumers within the top 10-15% of global income in Brazil, China, India, Italy, Singapore, the United Arab Emirates, the United Kingdom and the United States. The global research identifies four “tribes”, or groups of people, who share some common traits which cut across age, gender and international boundaries.

 

Mid-Life Modernists are the most prominent tribe in India and are characterised by their enthusiasm for technology. Prudent Planners are motivated primarily by family and trying to help others.  The Stylish Spenders do still yearn for the finer things in life.  Finally, there are the Experientialists who put money-can’t buy experiences at the top of their priorities.

 

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