Amex Thailand Shifts Focus to HNW Customers

Chris Owen

5 July 2007

American Express (Thailand) is moving its focus back to wealthy customers because the spending power of this group is all but unaffected by economic circumstances, said vice president Anakkawat Kowathanakul. Following in-house research on targeted customers in Asia, Amex anticipates that next year the affluent and high net worth individual population in Asia-Pacific will increase to 47.6 million and 6.2 million respectively for a combined worth of Bt394 billion ($11.49 billion). "This group of customers is free from financial problems," he said. "They are willing to spend on whatever makes them satisfied". The research also focused on changes in the lifestyle of wealthy people into which the company will blend its product. "Previously, rich people's lifestyle was to spend their money on jewellery and other luxury items, but now they want to travel to places that not many people have ever been before," he added. As a result, the firm last year launched the Thai American Express Platinum credit card, offering the fastest mileage collection. Mr Anakkawat claimed that average spending for these card members has been 14 times higher than the industry average.