American Express Lifts the Veil on Ultra-Affluent ‘21st Centurion Living'
30-Nov-2015 6:44 PM
White Paper identifies four trends based on interviews from Centurion Card Members, Centurion Relationship Managers, and merchant partners
SINGAPORE, 24 July 2015 – American Express today launched the ‘21st Centurion Living’ White Paper to mark the 10th anniversary of its Centurion Cards in Singapore. An amalgamation of perspectives from Centurion Card Members and experiences from those who serve them; Centurion Relationship Managers and merchant partners, the White Paper offers a rare glimpse into the lifestyles and aspirations of the ultra-affluent in Singapore.
Cheng Heng Chew, Singapore Country Manager, American Express, said, “The White Paper is a
crystallization of 10 years of knowledge and experiences we gained from serving the ultra-affluent in Singapore and globally.
“The Centurion Card is more than a payment product. Many of our Centurion Card Members lead hectic lives where work often encroaches into their personal time. We ease their load by understanding their needs and providing them with customized experiences and service so they have special memories to share for years to come.”
The White Paper identifies four trends that exemplify the mind-set, lifestyles and aspirations of
the Ultra-Affluent in Singapore:
• Aiming for exceptional experiences: They are on the lookout for authentic and bespoke experiences that go beyond being merely ‘exclusive.’ They are very familiar with luxury and seeking money cannot buy experiences.
• Looking for a better return on investment: Looking beyond the price tag, they truly appreciate the value of luxury goods, services and experiences that they are passionate about.
• Discretion is key: They are conscious of the right time, place and channel to display their wealth and lifestyle. On social media, there are differences between the mature card members who tend to be more reserved, while the younger ones are more willing to share.
• Personalised recommendations from expert friends: They are open to developing a reciprocal relationship with their preferred brands. This allows them to further their passion and knowledge for the provenance of the goods while being able to receive well-considered recommendations tailored to their preferences.
Mr. Cheng added, “Back in 2006, we highlighted that the definition of luxury was moving away from one-of-a kind products and services coveted for their rarity towards a less tangible space defined by experiences and emotional value. In 2015, this shift is complete.”
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