Big spenders are back - Brief Article

Business Asia, Oct, 2000

ASIA'S BIG spenders are flashing their cash again as the region recovers from its economic crisis, according to market research firm ACNielsen.

Releasing details of a survey carried out between May and August, ACNeilsen said average annual income among its target group of 6700 professionals and executives, had risen by US$2980, or 9 per cent, to US$36,276 since the last survey a year ago. The survey, carried out in Hong Kong, Singapore, Taipei, Kuala Lumpur, Manila, Bangkok and Jakarta, claims to reflect the spending patterns of 3.5 million of the region's most affluent consumers.

"This group of people have shown considerable resilience despite the Asian financial crisis," says Philip Rich, ACNielsen's executive director for China and Hong Kong. The highest average annual income was US$56,000 in Hong Kong, followed by US$54,000 in Taipei and US$42,000 in Singapore.

In Kuala Lumpur, the average income for the group was US$26,000, while respondents in Bankgok earned US$18,000, Manila US$15,000 and Jakarta US$9000.

Many are spending the extra cash on buying new cars and travelling, Rich says. Twenty-seven per cent of the respondents say they are considering buying a car in the next 12 months.