Mass Affluents Product Holding & Preferences in Australia Market Analysis to 2020


Posted June 24, 2016 by MIR333

In general, mass affluent are sensitive towards APR and will shop around for financial products or use a combination of products that give them the best return.

 
Summary
•The Australian mass affluent segment is very savvy when it comes to managing their finances. Compared to retail consumers, mass affluent also have greater liquidity, allowing them to take advantage of their extra cash to maximize returns and reduce cost through their financial product holdings.

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Key Findings
•Mass affluent consumers in Australia realize they are important to their banking providers. They know they have extra liquidity and that banks want their business. Therefore, personalized services and extra perks are essential.
•Mass affluent consumers tend to shop around for the best product offering. With their extra liquidity and less financial pressure, mass affluent can afford to be picky and demand a special deal from banks.
•A heated property market has driven the popularity of mortgage offsetting in Australia. This has made mass affluent in the market choose mortgage providers they already have a savings account with, or vice versa, in order to benefit from offsetting.
•With higher liquidity to manage, mass affluent are able to leverage the extra cash to make investments for the purpose of making further returns, and therefore margin lending offers an opportunity for providers in Australia.

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Synopsis
•MarketIntelReports “Mass Affluents: Product Holding and Preferences in Australia” provides an analysis of the mass affluent consumer segment in Australia. It is divided into five short sections, starting with an overview of this consumer group following by analysis of each of the four main retail banking product groups. For each of the product groups, analysis of consumer preferences in the mass affluent segment is discussed.

Reasons To Buy
•What do mass affluent look for when choosing a banking product?
•How did mass affluent choose their most recently opened current account?
•What are the features mass affluent look for when choosing a savings account?
•Why is offsetting a mortgage so popular among mass affluent?
•How can banks increase personal loans business from the mass affluent segment?

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Issued By Mayur
Country United States
Categories Business , Education , Reports
Tags mass affluents australian market , mass affluents australian market analysis , mass affluents australian market report , mass affluents australian market share
Last Updated June 24, 2016