The Affluent Consumer Market in Australia 2008

The affluent consumer market living in Australia provides an attractive market for financial institutions to target because of the wealth they hold. Datamonitor's Australia Financial Services Survey captures opinion from 422 affluent individuals.

Report Highlights
While some financial institutions may think that the online financial services market in Australia is in its infancy, results show that providers should be investing more to further develop their online platform in order to meet the growing demands from affluent consumers.

It appears that the affluent population are thinking more and planning accordingly for their retirement as compared to the rest of the consumer market. There are more affluent individuals than mass market individuals that plan to retire before age 55 or who are already retired.

A large proportion of the affluent mortgage market is expected to change providers over the next five years. Companies need to ensure they are marketing their lending services to this group of clients and that they are offering what the majority of borrowers are looking for such as a competitive interest rate.
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Overview 1
Catalyst 1
Summary 1
Methodology 2
Executive Summary 3
The majority of affluent people are 45 or older, retired or work in a highly-skilled job and are mostly male 3
Most affluent consumers in Australia are either retired or work in high-skilled occupations 3
Men are strongly represented in the Australian affluent market sample 3
The online financial services market has further room for development 3
Online product arrangement is a burgeoning market for affluent consumers in Australia 3
However, providers can do more to serve the online needs of affluent consumers 4
As expected, affluent individuals are typically better prepared for their retirement 5
The affluent consumer sample are in greater control of their retirement planning 5
The affluent population are more likely to turn to financial planners for their investments 5
The majority of the affluent market is happy with their current HISA provider 5
ING Direct has the largest HISA market share of affluent individuals in Australia 5
Affluent consumer typically have multiple credits that they pay off in full each month 6
Affluent consumers are more prone to having multiple credit cards although most of these respondents pay their full monthly balance off 6
Many affluent consumers are thinking about switching mortgage providers over the next five years 7
Affluent respondents are more likely to switch their mortgage provider over the short term as compared with the mass market 7
Table of Contents 8
Table of figures 9
Table of tables 10
Affluent consumer demographics 11
The majority of affluent people are 45 or older, retired or work in a highly-skilled job and are male 11
Two-thirds of affluent respondents Australians are aged above 45 11
Most affluent consumers surveyed in Australia are either retired or work in high-skilled occupations 12
Men are strongly represented in the Australian affluent market sample 13
The majority of the affluent sample are located in the eastern cities of Australia 13
Surveyed affluent Australians typically are well educated individuals 15
Online product trends 16
The online financial services market has further room for development 16
Online product arrangement is a burgeoning market for affluent consumers in Australia 16
However, providers can do more to serve the online needs of affluent consumers 18
Affluent consumers are more likely to have the means of conducting business online however security concerns and a lack of trust are the main factors inhibiting online usage 20
Investment planning trends 22
As expected, the affluent market is better prepared for their retirement 22
A quarter of the affluent population plan on retiring on or before they turn 60 22
The surveyed affluent consumers is in greater control of its retirement planning 23
Affluent individuals are seeing their savings track well on the way to retirement 24
Affluent individuals will also look at avenues outside of superannuation to fund their retirement 25
The affluent sample surveyed is more likely to turn to financial planners than the mass market sample 27
Service was the most important factor when deciding on a financial planner for affluent respondents, fees was ranked sixth 28
The least important factors when selecting a financial planner included advertising and various media endorsements 29
Affluent consumers want more proactive advice on products and better reporting relative to the mass market 31
The majority of affluent respondents are happy with their current financial planning arrangement 32
Consumer satisfaction and switching trends 34
The majority of affluent market is happy with their current HISA provider and are unlikely to switch providers 34
ING Direct has the largest HISA market share of affluent respondents 34
The majority of affluent respondents do not expect to change their HISA provider over the next year 35
The majority of affluent consumers who switched HISA providers over the last 12 months left CBA 36
Most affluent clients who switched HISA providers pursued a better interest rate on their account 37
Affluent consumer typically have multiple credits that they pay off in full each month 39
Affluent consumers are more prone to having multiple credit cards although most of these respondents pay their full month balance off 39
The majority of affluent individuals have Visa branded credit cards 40
CBA has the largest credit card market share of affluent individuals in Australia 41
Affluent consumers are happy with their main credit card, holding the same card for many years 42
Affluent clients are more concerned about rewards than fees or interest rates relative to the mass market 44
Many affluent respondents are thinking about switching mortgage providers over the next five years 46
Australia's big four banks are the leading mortgage providers to the affluent market 46
Affluent respondents are more likely to switch their mortgage provider over the short term as compared with the mass market 47
The interest rate was the most important factor for affluent individuals when picking a lender 48
APPENDIX 51
Data 51
Methodology 66
Further reading 66
Ask the analyst 66
Datamonitor consulting 66
Disclaimer 67
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Table 1: Global Casinos & Gaming Market Value: $ billion, 2003-2007 26
Table 2: Global Casinos & Gaming Market Segmentation I: % Share, by Value, 2007 27
Table 3: Global Casinos & Gaming Market Segmentation II: % Share, by Value, 2007 28
Table 4: Global Casinos & Gaming Market Share: % Share, by Value, 2007 29
Table 5: Global Casinos & Gaming Market Value Forecast: $ billion, 2007-2012 38
Table 6: Asia-Pacific Casinos & Gaming Sector Value: $ billion, 2003-2007 40
Table 7: Asia-Pacific Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 41
Table 8: Asia-Pacific Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 42
Table 9: Asia-Pacific Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 51
Table 10: Europe Casinos & Gaming Sector Value: $ billion, 2003-2007 53
Table 11: Europe Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 54
Table 12: Europe Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 55
Table 13: Europe Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 64
Table 14: Europe Exchange Rate, 2003 65
Table 15: Belgium Casinos & Gaming Sector Value: $ million, 2003-2007 67
Table 16: Belgium Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 68
Table 17: Belgium Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 69
Table 18: Belgium Casinos & Gaming Sector Value Forecast: $ million, 2007-2012 77
Table 19: Belgium Size of Population (million) , 2003-2007 78
Table 20: Belgium GDP (Constant 2000 Prices, $ billion), 2003-2007 78
Table 21: Belgium Inflation, 2003-2007 78
Table 22: Belgium Exchange Rate, 2003 79
Table 23: Canada Casinos & Gaming Sector Value: $ billion, 2003-2007 81
Table 24: Canada Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 82
Table 25: Canada Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 83
Table 26: Canada Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 91
Table 27: Canada Size of Population (million) , 2003-2007 92
Table 28: Canada GDP (Constant 2000 Prices, $ billion), 2003-2007 92
Table 29: Canada Inflation, 2003-2007 92
Table 30: Canada Exchange Rate, 2003 93
Table 31: China Casinos & Gaming Sector Value: $ billion, 2003-2007 95
Table 32: China Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 96
Table 33: China Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 97
Table 34: China Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 104
Table 35: China Size of Population (million) , 2003-2007 105
Table 36: China GDP (Constant 2000 Prices, $ billion), 2003-2007 105
Table 37: China Inflation, 2003-2007 105
Table 38: China Exchange Rate, 2003 106
Table 39: France Casinos & Gaming Sector Value: $ billion, 2003-2007 108
Table 40: France Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 109
Table 41: France Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 110
Table 42: France Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 118
Table 43: France Size of Population (million) , 2003-2007 119
Table 44: France GDP (Constant 2000 Prices, $ billion), 2003-2007 119
Table 45: France Inflation, 2003-2007 119
Table 46: France Exchange Rate, 2003 120
Table 47: Germany Casinos & Gaming Sector Value: $ billion, 2003-2007 122
Table 48: Germany Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 123
Table 49: Germany Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 124
Table 50: Germany Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 132
Table 51: Germany Size of Population (million) , 2003-2007 133
Table 52: Germany GDP (Constant 2000 Prices, $ billion), 2003-2007 133
Table 53: Germany Inflation, 2003-2007 133
Table 54: Germany Exchange Rate, 2003 134
Table 55: Italy Casinos & Gaming Sector Value: $ billion, 2003-2007 136
Table 56: Italy Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 137
Table 57: Italy Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 138
Table 58: Italy Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 145
Table 59: Italy Size of Population (million) , 2003-2007 146
Table 60: Italy GDP (Constant 2000 Prices, $ billion), 2003-2007 146
Table 61: Italy Inflation, 2003-2007 146
Table 62: Italy Exchange Rate, 2003 147
Table 63: Japan Casinos & Gaming Sector Value: $ billion, 2003-2007 149
Table 64: Japan Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 150
Table 65: Japan Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 151
Table 66: Japan Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 159
Table 67: Netherlands Casinos & Gaming Sector Value: $ million, 2003-2007 161
Table 68: Netherlands Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 162
Table 69: Netherlands Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 163
Table 70: Netherlands Casinos & Gaming Sector Value Forecast: $ million, 2007-2012 170
Table 71: Netherlands Size of Population (million) , 2003-2007 171
Table 72: Netherlands GDP (Constant 2000 Prices, $ billion), 2003-2007 171
Table 73: Netherlands Inflation, 2003-2007 171
Table 74: Netherlands Exchange Rate, 2003 172
Table 75: Spain Casinos & Gaming Sector Value: $ billion, 2003-2007 174
Table 76: Spain Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 175
Table 77: Spain Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 176
Table 78: Spain Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 184
Table 79: Spain Size of Population (million) , 2003-2007 185
Table 80: Spain GDP (Constant 2000 Prices, $ billion), 2003-2007 185
Table 81: Spain Inflation, 2003-2007 185
Table 82: Spain Exchange Rate, 2003 186
Table 83: United Kingdom Casinos & Gaming Sector Value: $ billion, 2003-2007 188
Table 84: United Kingdom Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 189
Table 85: United Kingdom Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 190
Table 86: United Kingdom Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 198
Table 87: United Kingdom Size of Population (million) , 2003-2007 199
Table 88: United Kingdom GDP (Constant 2000 Prices, $ billion), 2003-2007 199
Table 89: United Kingdom Inflation, 2003-2007 199
Table 90: United Kingdom Exchange Rate, 2003 200
Table 91: United States Casinos & Gaming Sector Value: $ billion, 2003-2007 202
Table 92: United States Casinos & Gaming Sector Segmentation I: % Share, by Value, 2007 203
Table 93: United States Casinos & Gaming Sector Segmentation II: % Share, by Value, 2007 204
Table 94: United States Casinos & Gaming Sector Value Forecast: $ billion, 2007-2012 212
Table 95: United States Size of Population (million) , 2003-2007 213
Table 96: United States GDP (Constant 2000 Prices, $ billion), 2003-2007 213
Table 97: United States Inflation, 2003-2007 213
Table 98: Key Facts: Harrah's Entertainment, Inc. 214
Table 99: Key Financials: Harrah's Entertainment, Inc. 215
Table 100: Key Facts: MGM MIRAGE 216
Table 101: Key Financials: MGM MIRAGE 219
Table 102: Key Facts: Camelot Group plc 220
Figure 1: A considerable proportion of affluent consumers are using the internet to arrange financial products 4
Figure 2: ING Direct is the leading provider of HISA products to affluent people in Australia 6
Figure 3: The majority of affluent respondents are aged 45 and over 11
Figure 4: The majority of affluent people surveyed are retired or work in highly skilled jobs 12
Figure 5: The majority of the affluent population living in Australia are male 13
Figure 6: The proportion of affluent respondents living in NSW, VIC, QLD and WA is higher than the share of the total sample population living in those states 14
Figure 7: The majority of affluent people in Australia have a formal education 15
Figure 8: A considerable proportion of affluent consumers are using the internet to arrange financial products 17
Figure 9: There are substantial opportunities for providers to further develop their online platforms 19
Figure 10: Security issues are the main deterrent stopping affluent consumers from arranging more products online 21
Figure 11: Over a third of the affluent population sample in Australia are already retired 22
Figure 12: Affluent individuals appear to be in greater control of their retirement 24
Figure 13: The majority of the affluent population is happy with how they are tracking for retirement 25
Figure 14: Affluent individuals are more likely to use an income stream, HISA or investment property to fund their retirement 26
Figure 15: Affluent individuals are more likely to use a financial planner than the mass market 28
Figure 16: Service reputation and professional advice are the top ranking reasons why affluent individuals chose their financial planner 29
Figure 17: Advertisements and endorsements are the least likely factors considered when affluent individuals are choosing a financial planner 30
Figure 18: Affluent consumers want more regular updates and face-to-face contact with their planner 32
Figure 19: Around four out five affluent respondents are happy with their current financial planning arrangement 33
Figure 20: ING Direct is the leading provider of HISA products to affluent people in Australia 35
Figure 21: The majority of affluent consumers do not intend on switching their HISA provider in the next year 36
Figure 22: CBA had the most HISA affluent consumers switch on them over the last 12 months 37
Figure 23: Getting a better interest rate was the leading reason why affluent people changed HISA providers 38
Figure 24: Affluent consumers are more likely to have more than one credit card compared to the mass market 39
Figure 25: Affluent individuals are much more likely to pay off their credit card balance in full each month 40
Figure 26: Visa is the leading brand of credit card held by affluent individuals in Australia 41
Figure 27: CBA is the leading financial provider of credit cards to the affluent market 42
Figure 28: The majority of affluent clients are happy with their main credit card 43
Figure 29: Affluent respondents have held their credit cards for relatively longer periods of time as compared to mass market 44
Figure 30: Lower fees are most important to affluent consumers when considering a new credit card 45
Figure 31: The big four banks in Australia are the leading mortgage providers to affluent people 47
Figure 32: Affluent respondents are more likely to switch their mortgage provider over the short term 48
Figure 33: The interest rate was the most important factor for affluent individuals when picking a lender 49
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