2014-03-28 13:47:00 - 2020 Foresight: Banking The Mass Affluent - a new market research report on companiesandmarkets.com
The mass affluent population is rapidly growing and accounted for a 7.41% share of the world´s population in 2012. Although it is a relatively small segment in volume terms, it holds around 40% of the total world´s wealth. In volume terms, the US is the leading country with a mass affluent population of 77.77 million. In regional terms, Europe has the largest mass affluent population while the Asia-Pacific is the fastest-growing.
The mass affluent population is an entirely separate group of customers who are demographically and economically different from HNWIs and the mass market. Their lifestyle, spending behavior and attitudes are unlike those of the rest of the population.
The mass affluent category has a different approach to money management, and
displays a preference for spending and investments. The mass affluent have different lifestyles and tend to spend more on entertainment, luxury and leisure products and services. Demographically, most of the mass affluent population is reaching retirement age and were victims of the financial crisis of 2008. The category has a tendency to save for retirement, and their children´s education.
Europe has the largest mass affluent population, while Asia-Pacific´s is the fastest-growing. In 2012, the US had the largest mass affluent population of 75.34 million. It grew at a review-period compound annual growth rate (CAGR) of 4.78%. India and China are the major emerging contributors to Asia-Pacific´s mass affluent population growth. Mass affluent customers are raising their contributions to retirement plans.
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