Hong Kong - New research shows the majority of Hong Kong women are financially independent and influence the purchasing decision of big-ticket items such as property and cars.
The study from Synovate, which surveyed more than 2,000 women in Hong Kong, China, Singapore and Malaysia across all income levels, shows 81% of Hong Kong women can afford to pay for what they want without asking for money from their partners. Some 87% have at least an equal say on major purchases.
The survey reveals that while Hong Kong and Chinese women are the most financially independent, 81% and 75% respectively, Malaysian women are the least independent with only 42% confirming that they can afford to pay for what they want without asking their partners or husbands for money.
"As women in Asia earn and invest more, other sources of wealth, such as marriage, divorce and inheritance become less important," Jill Telford, Synovate CEO for North Asia, said.
"And naturally, as women's financial independence increases, so do their role in the decision making process."
The survey showed Hong Kong women spend just 11% of their monthly personal income on shopping, preferring to allocate a bigger proportion to savings and investments. Mainland women in comparison spend more than half of their income on shopping.
Young women in Shanghai 15 to 24 years old are by far the most enthusiastic shoppers, with 88% of their salary spent on shopping, Telford said.
"Before marketers get too excited however, they should note that the average spend amongst these groups is still quite low at RMB$1,080 per month.
"This is less than the total amount Hong Kong women spend per month (HKD$1,280) which is only 11% of their salary."
- from Marketing magazine
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