A survey claims to show that affluent Singaporeans put more focus on family life, philanthropy and experience than on hard cash and luxury.

A survey of affluent Singaporeans claims to show that inhabitants of the Asian city-state are not obsessed with the five “c’s” of cash, credit cards, condominium, cars and country club and put more value on family-orientated concerns instead.

The report, by Collinson Group, which describes itself as a “global leader in shaping and influencing customer behaviour”, reckons that Singaporeans’ habits can be analysed by dividing them into four broad segments: mid-life modernists, prudent planners, stylist spenders and experientialists. It also uses the same methodology to discuss groups from other countries.

One of the findings of the report is that affluent consumers in Singapore place a higher priority on family, altruism and enriching experiences, putting these ahead of luxury products and short-term satisfaction.

Giving back to charities and the community and protecting the environment also rate higher than buying leading brands and driving a luxury car. Spending on grandchildren, children and partners is the main indulgence for Singaporeans when using their money (22 per cent), followed by holidays (17 per cent), and dining out (13 per cent).

Such findings would appear, on the face of it, to be good news for wealth managers seeking to persuade wealthy individuals in the region of the need for advice around asset transfer, philanthropy and provision for retirement.

“The quality of experience is increasingly the new currency for today’s affluent middle classes. Where previously the affluent middle class was more motivated by luxurious trappings, they now place a higher priority on family and life experiences such as travel, as well as experiences offered by the products and brands they choose. This is an important distinction for businesses trying to attract this growing and influential group,” Christopher Evans, director at Collinson, said.

The research was undertaken among 4,400 consumers within the top 10-15 per cent of global income in Brazil, China, India, Italy, Singapore, the United Arab Emirates, the UK and the US.