Fully understanding the needs of affluent consumers, MasterCard Worldwide has increased its targeted efforts to reach out further to this growing segment.
According to Porush Singh, senior business leader, Consumer Credit, Asia/Pacific, Middle East and Africa (APMEA), MasterCard Worldwide, and Natalie Lockwood, group head, Global Marketing, APMEA, MasterCard Worldwide, MasterCard’s strategy for the affluent is focused on responding to the evolving needs of the market and strengthening its relationship with issuers and merchants to come up with differentiated products and experiential offers.
“Our position enables us to gain insights into the needs of our constituencies around the world. As such, we seek to deliver value to cardholders and help them stretch their travel dollar, enhance their lifestyles, enjoy Priceless privileges and get better deals,” Singh said during the recent APMEA MasterCard Product Conference and Technology Fair 2008 in Singapore. “At the same time, we are also helping issuers realize the affluent markets’ growth opportunities.”
Despite the current global financial crunch, Singh and Lockwood continue to see the growth potential of the affluent segment, especially in the Asia/Pacific region. According to the book Succeeding Like Success: The Affluent Consumers of Asia by Dr. Yuwa Hedrick-Wong, economic advisor to MasterCard in Asia/Pacific, the combined discretionary spending of affluent consumers in 12 key Asia/Pacific markets, over 70 million households strong in 2015, will exceed $600 billion.
Because of the varying aspirations of the affluent, whom the book, depending on their income thresholds, divides into the “mass affluent” and the “rich”, MasterCard has developed a comprehensive suite of superior programs with laddered features and benefits — Titanium for the emerging affluent (with Premium Collection and access to MasterCard Global Service); Platinum for the mass affluent (with Premium Collection, MasterCard Global Service plus Concierge Services); and World for the elite affluent (with MasterCard Global Service, Exclusive Unique Experiences, Concierge Services and no pre-set spending limit). This, according to Lockwood, is complemented by a strong marketing campaign to build brand demand, preference and usage among consumers. “Through our Priceless campaign, advertising, promotions and sponsorships of premium events, MasterCard’s brand positioning resonates strongly with consumers and we now enjoy the highest advertising empathy amongst affluent consumers in this category.”
Recently, MasterCard has revamped the MasterCard Moments website, its online repository of exclusive privileges for travel pleasures, gourmet experiences, retail therapy and tailored wellness and recreation programs, infusing not only a more stylized and interactive look but also additional perks.
The same leadership initiatives in the affluent sector are prevalent in the Philippines, where according to Dr. Hedrick-Wong’s book on affluent consumers, the collective discretionary spending of the “mass affluent” and the “rich” is expected to reach $7.6 billion in 2015. In order to cater to the discerning tastes of these affluent consumers, MasterCard has introduced several Premium programs including — Allied Bank Premium MasterCard, BDO Platinum MasterCard, HSBC Premier MasterCard, Metrobank Platinum MasterCard, Security Bank Platinum MasterCard, RCBC Bankard Black MasterCard, AIM Alumni-Security Bank MasterCard, BDO Titanium MasterCard, RCBC Bankard Diamond MasterCard, SMART Infinity-BDO Platinum MasterCard, Mabuhay Miles Platinum MasterCard and Mabuhay Miles World MasterCard.