Advertising spend in Asia is expected to grow by between 10% and 11% in 2014 and 2015, according to Ipsos’ latest PAX report.
The study of Asia’s affluent population found confidence and spending is up on last year, with Asia leading the global recovery, according to the research firm.
“Robust domestic demand, accommodative monetary policies, rapid credit growth and the rebound of capital inflows since the latter half of 2012 are key drivers,” the survey said.
The Pan Asia Pacific Cross Media survey found Asia’s wealthy are spending more on travel, digital devices and luxury items.
There have been 13% more international business trips taken in 2013 compared to 2012, with 6.6m made in the past 12 months.
Overall, there have been made 14.4m international air trips made in the past 12 months by the affluent populations of the 10 surveyed markets, excluding Tokyo.
Of those surveyed, 17% said they plan to buy a new car over the next 12 months with 68% already owning a private vehicle.
More than half (53%) of wealthy females surveyed said they ‘enjoy the fun of shopping’ and 54% of luxury products are owned by females.
Keeping up with modern technology is viewed as a key to success by 49% of respondents, 59% of those in top management agreed with the statement.
In Hong Kong, smartphone ownernship in one year has risen from 64.2% to 81.3%, tablets are now owned by 43.9% of the city’s rich and ownership of 3D TVs has more than doubled to 8.3%.
The penetration of e-readers is on the decline, dropping from 5.5% to 3.7%.
The purchase of luxury goods is on the rise, with designer fashion items costing over US$1000 per item on the rise, growing from 15.9% to 18.7%.
See below for a snapshot of how Asia’s wealthy are using their devices and a wider look at ownership: