Polaris Media Group unveils key insights on wealthy Chinese consumers

Polaris Media Group recently released its 2024 Upfront research report, focusing on the consumer behaviours of Chinese Very High Net Worth Individuals (VHNWIs) in Australia. The study, led by Head of Strategy Rihanna Duan, Head of Accounts Melody Chen and Founder & CEO Jessica Yue, offers critical data for brands aiming to engage with this wealthy demographic.

Despite the current economic climate, the report reveals that Chinese VHNWIs have maintained strong spending power. Jessica, addressing the audience that gathered at Capella Sydney, highlighted that 75 per cent of this group remains confident in their luxury spending for 2024, with a significant portion planning to sustain or increase their expenditure.

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The study also delves into the evolving shopping habits of these individuals. While traditional brick-and-mortar stores are still favoured, there’s a noticeable shift towards using online platforms for initial research and repeat purchases, emphasising the need for brands to adopt a dual-channel retail approach.

“Fifty-nine percent prefer in-store trials and purchases, while 54 per cent research online before buying at physical stores, resulting in over 73 per cent of purchases happening offline,” she said.

A major finding of the report is the influence of Key Opinion Leaders (KOLs) and platforms like Little Red Book and WeChat in driving purchase decisions among Chinese VHNWIs. Jessica underscored the necessity for brands to strengthen their presence on these digital platforms to connect effectively with their audience.

Furthermore, the report suggests a shift towards more personalised and relaxed shopping experiences, especially among younger consumers who favour minimal interaction with sales staff. This trend highlights the importance of tailoring in-store experiences to meet diverse customer needs.

Jessica also emphasised the significance of cultural understanding and local market insights in engaging with this audience. The insights were gathered from a survey of 100 Chinese VHNWIs living in Australia, each with assets over $10 million, to better comprehend their shopping and media preferences.

Concluding the event, Jessica unveiled Polaris Plus, a new full-service agency aimed at connecting brands with the Chinese audience through content and experiences. She highlighted the growing Chinese demographic in Australia, including 1.5 million residents and over 156,000 students, and stated, “Polaris Media Group’s Polaris Plus is our response to the evolving needs of this audience, offering tailored services that leverage our understanding of the Chinese media landscape, a content-driven strategy, a comprehensive Very Important Customer (VIC) database, and in-depth local research”.

Images from the event, held at Capella Sydney, below: