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Published on July 4, 2007

"This group of customers is free from financial problems," he said. "They are willing to spend on whatever makes them satisfied."

Following in-house research on targeted customers in Asia, the firm expects 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 US$11.49 billion (Bt394 billion).

Anakkawat said that 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 are seeking a new ritual of luxury. They want to travel to places that not many people have ever been before," he said. As

a result, the firm last year launched the Thai American

Express Platinum credit card, offering the fastest mileage

collection.

Although Anakkawat refused to share the exact figure, he claimed that average spending for these card members is 14 times higher than the industry average. Billings growth has been 30 per cent higher in each quarter since the card's launch.

Due to fierce competition in the credit-card industry, many issuers are now emphasising the platinum-card approach. However, the American Express card has set its target group with a minimum earnings level higher than required by other credit-card issuers.

According to Bank of Thailand data, the number of credit cards rose 9.5 per cent from 10 million in 2005 to 10.9 million last year, of which 5.6 million were issued by commercial banks.

Piyarat Setthasiriphaiboon

The Nation