![]() “We have been cultivating in the Chinese premium market for more than a decade and we know what our partners and their most valuable customers are looking for.” said Walter Liu, Chief Executive Officer, Express Company. The white paper also indicated a huge market potential for the premium credit card category as only 65% and 49% of the payments volume are covered by a credit card among HNWIs aged between 18-40 years old and aged 50-year-old or elder respectively in 2021. In 2021, their average annual spends are expected to go beyond 2.2 million yuan, of which the most are spent on high-end shopping, traveling, fine dining, medical beauty and healthcare, and parenting education. Due to the demographic changes and the pandemic worldwide, their lifestyle has been changing more localized, bespoke and diversified. Geographically, the HNWI population in the traditional coastal economic belts is in high-density with a steady growth rate, while that in the middle and south-west regions is booming very fast. The white paper also reported that the HNWI demographic is getting younger and more diverse, with the rising of the new wealthy groups like managers and professionals. ![]() (“Express Company”) will partner with Chinese banks to introduce the upgraded versions of its globally recognized premium enterprise-line flagships - American Express ® Centurion and the American Express ® Platinum Card.īoth refreshed products support renminbi transactions and offer added benefits and customized travel and lifestyle services, with sleek and all-metal designs to meet the varied needs of the most discerning customers.Ĭhina Minsheng Bank will be the first bank to issue the two new products in the coming days, followed by other first-batch issuers - China Merchants Bank, Ping An Bank and Bank of Communications - over the next few months.Īccording to Express Company’s latest white paper on the lifestyle and the consumption behaviors of Chinese high-net-worth-individuals (HNWIs), there were more than 2.2 million people with more than 6 million yuan in investable assets in the Chinese mainland in 2020, which was expected to continuously increase at an approximately 10% compound annual growth rate until 2025. Shanghai, China, Ma– American Express (NYSE: AXP) announced today that its joint venture in China - Express (Hangzhou) Technology Service Co., Ltd. With added benefits, customized services, and sleek and all-metal designs The American Express ® Platinum Card that support renminbi transactions Chinese banks will issue the new versions of the American Express ® Centurion and
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