The Premier'2017 Survey: Trends in financial behavior

The affluents don't tend to use privileged banking services

The Premier'2017 Survey: Trends in financial behavior

Ipsos Comcon publishes the results of the Premier'2017 survey, which studies upper middle class consumers in Russia. The study analyzes in detail brands, goods and services of the upper price range, available to the well-off segments of the population.

The results of the study show that the vast majority of wealthy people in Russia have a bank account (93%).

Only one third of the affluents in Russian cities uses a privileged banking services. However, special insurance programs grew up in the category of elite banking services (from 10% in 2016 to 13% in 2017), we also see the growth in using the services of a personal manager (from 11% in 2016 to 13% in 2017) and in issues of the elite bank cards (from 9% in 2016 to 12% in 2017).

The most important factor of a bank choiсe for wealthy Russians is it's reputation. This figure has not changed in the last 3 years - 45%. Another important factor is favorable terms of service: its' significance in 2017 increased by 6 percentage points compared to 2016. The importance of having a wide ATM chain, on the contrary, decreased by 4 percentage points, it can be explained by the total penetration of bank cards in this population group, which reduces the need for cash - 99% of respondents used a bank card for the last year. 

Besides, the third of the affluents in Russia name transparent and understandable banking products and services' terms and state support of the bank among the important factors of a bank choiсe. 

Russians belonging to the upper middle class gradually recovering from the crisis: 23% of respondents said that the idea to take a loan seems more attractive in 2017 than a year ago, this is 7 percentage points higher comparing to 2016. 

The vast majority of wealthy Russians use Internet banking (90%). The most popular operations for the users of Internet banking are: accounts information viewing (71%) and payments for utility services, mobile communication, Internet access services (62%).

Mobile banking is also a popular service for affluent Russians, although the proportion of its' users is 76%. The respondents use mobile banking mainly for accounts information viewing (56%) and money transfers (42%). 

SMS banking is less popular. However, according to the results of the Premier'2017 research, more than half of wealthy Russians use it. 

More than the half of the respondents in the Premier'2017 study have an insurance policy (57%). The employer issues an insurance policy for every fifth of the affluents in Russia. The same number of wealthy Russians have issued an insurance policy just in case, for their peace of mind.

Among the reasons to issue an insurance policy approximately one of ten of the respondents named previous positive experience with using insurance services and offers of the attractive insurance terms. Moreover, every tenth was forced to issue an insurance policy as it was a condition for obtaining a loan.

 

About the study
Premier is an in-depth syndicated online survey of upper middle class consumers in Russia.
Premier contains ready data on lifestyle, consumption and behavior of upper middle class Russians. It provides an in-depth analysis of premium markets and brands.
The sample consists of 2800 people from cities with a population of 500+ thousand people, with a high personal income or income per family member, related to the top 10% of the population in terms of financial situation (segmentation SEL-socio-economic level is used). Data collection Premier'2017 was held from 1 to 30 April 2017.
 
About the company
Ipsos Comcon is a part of the international Ipsos Group, which is one of the three global leaders on the volume of market research conducted and has offices in 88 countries around the world.
Ipsos Comcon in Russia provides a full range of marketing services in the field of ad testing, innovation and brand research, in developing a strategy for developing customer relationships.
In Russia, Ipsos Comcon has a large portfolio of ready studies that describe lifestyle, consumption, purchase and media preferences of Russians.
 

 

Consumer & Shopper