How to target the HNWI in China?
You want to target rich people in China, to sell your property, your financial service or luxury products…. This article is for you.
Focusing resources on the right people and places is a critical success factor in marketing.
For brands looking to develop their high-value goods markets, reaching and impressing high-value people in China (HNWI: High net worth individual) should be an asset.
If you want to be competitive in this sector, pay attention to the rest of this article.
- China, a gold mine for HNWI
- A specific digital strategy for Chinese Super rich People
- HNWI Internet usage behavior and relevant strategies
- iClick x Forbes’ integrated solution for engaging with Chinese HNWIs
I. China, a gold mine for HNWI
In China, the affluent population, that is, people with a net worth between $1 million and $30 million, is growing rapidly.
By 2018, China has become the world’s second-largest country in terms of the number of millionaires (in USD, unless otherwise indicated).
One year later, in 2019, the number of adults in China with a net worth between US$100,000 and US$1 million was nearly 109 million, and the country had a population of 4.47 millionaires, equivalent to triple-digit growth in less than 5 years.
Over the past decade, China has experienced triple-digit growth in its millionaire population in less than five years.
As for the very wealthy Chinese (i.e., those with assets of $30 million or more), their numbers are expected to increase by 35% over the next few years.
Chinese rich millenials spend $65,000 on travel per year !
Within the country, Shanghai, Beijing, and Shenzhen have the highest concentrations of affluent Chinese.
The pace of urbanization in the country is also unprecedented in the world.
It has more than 100 cities with more than one million inhabitants and is home to 15 of the world’s 47 megacities.
That said, foreign brands and companies that don’t know the rules of the game will need proven intelligence and strategy to make the most of it, explain Italia.marketing
Up-to-date information on the locations, motivations, buying behavior, priorities, and preferences of Chinese HNWIs in terms of high-end consumption is a prerequisite for successful marketing.
Marketing funds must be spent accurately to stay ahead of others.
II. A Chinese-specific digital strategy to catch super rich people
The HNWIs are embracing the technology with enthusiasm.
They use several digital devices and spend 5 or more hours a day online.
The Chinese HNWI population is diverse, including both entrepreneurs who opened factories decades ago, as well as young professionals from the technology sector and other emerging industries.
Unique to China, more than a quarter of the ultra-rich are under 50 years old, compared to a global average of 13%.
Such a significantly lower average age implies a higher level of technological know-how.
Although the rich use technology like everyone else, they have different needs, expectations, and concerns than the general public.
For example, they may have more reservations when providing personal data online.
They may also have a greater appetite for expertise and personalization.
Moreover, major platforms such as Google, Twitter, Facebook, and YouTube are not accessible in China.
Foreign advertisers need to employ tailored and highly segmented digital strategies that serve the single Chinese market.
III. HNWI Internet use behavior and relevant strategies
Since HNWIs have significant resources at their disposal, they are very digitally literate and are selective about the content and channels to which they devote time.
– 85% of them use more than 3 digital devices.
– 89% use information sites
– 60% of social media to get information
They also have high criteria for choosing what they read, emphasizing relevance, credibility, and value, and they share and actively interact with their social circles in high society.
Therefore, search engine optimized homepages, social media articles, blog posts, editorial articles, and social media with the right content are effective ways to build brand awareness and tell stories.
However, it is essential to select the right media channels for advertising campaigns.
HNWIs value their time and want to get useful information in the most efficient way possible.
They are critical thinkers who prefer to obtain credible information from selected first-class sources.
IV. The iClick x Forbes integrated solution for engaging with Chinese HNWIs
Targeting HNWI is a specialized area of digital marketing.
Reaching HNWI in China requires local and very exclusive know-how due to the complex and dynamic digital ecosystem in the country.
In order to bring marketers from around the world closer to China’s HNWI market, iClick Interactive (NASDAQ: ICLK) (“iClick”) is partnering with Forbes to offer the integrated iClick x Forbes solution to reach and influence China’s natural resources.
This solution is a hybrid of online and offline approaches.
It combines the benefits of both titans, from premium exposure on Forbes.com, social and content marketing, to offline private dinners and events in China.
Click is a multi-channel marketing technology company specializing in the Chinese market.
Its proprietary solutions for accurate audience targeting in China enable its clients to leverage unique data sources from Ctrip, Tencent, UnionPay, and its own cross-channel platform.
The partnerships are designed to identify target audiences through actual transactions and intent data with proprietary accuracy and knowledge.
The solutions enable the customization of audience segments through multi-dimensional layers based on purchasing power and behavior, as well as consumer preferences and trends.
In conclusion
The luxury market in China is a market with very high potential as we have seen.
Adapting a good strategy is the key to success.
You will need certain adaptability and reactivity to seduce the HNWI.
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Im impressed with the Chineese. How they raised themself from overall poverty in the 60ties and 70ties. Now they are a producer to the world. Lot of hard working people. OK, they have some strickt rules and so on but if you let 1,4 billion folks loose to do what they want I think it is caos.
I would not think you would agree?
Remember their culture is very old.
Im not really sure what is happening iin Hong Kong and how severe the changes is for normal working people. You can tell me more on that?