Senior execs are young, work 10 hours a day
A typical senior business executive on the mainland is young, highly educated and works 10 hours a day, according to a recent survey.
The survey, conducted by marketing company CTR Market Research, polled 2,600 high-ranking executives in Beijing, Shanghai, Guangzhou and Shenzhen.
Each of the polled executives manages companies with an annual budget averaging 2 million yuan (US$240,000) and a staff size of more than 50.
They earn about 79,000 yuan (US$9,500) a year on average and are among the top management of their companies and organizations.
"Business executives on China's mainland are distinctly different from the rest of the population. Representing less than 1 per cent of the populace, they are a significant group of decision-makers with the power to influence the masses in their business-purchase decisions, personal consumption behaviour, and lifestyle choices," Shen Ying, director of media and brand at CTR, said at a press conference in Hong Kong yesterday.
The findings of the survey indicate that two-thirds (67.1 per cent) of the respondents are male. While nearly nine in 10 (87.9 per cent) are aged between 24 and 55, a third of them (34.4 per cent) are in the 24-35 age group.
"I believe senior business executives, most of whom are young, ambitious and well-educated, are becoming a new elite class of professionals in the society, comparable to the 'yuppies' in the West," she told China Daily.
The mainland business executives are consciously seeking to be leaders, and the masses are likely to follow their consumption and lifestyle choices, she said.
"This segment of the population has certain very recognizable traits. They are image- and fashion-conscious, lead healthy lifestyles and have positive work attitudes."
Shen said senior executives in the mainland tend to adopt a more balanced lifestyle when compared to their counterparts in the West.
"Mainland business executive tend to embrace traditional family values and take on more responsibility in the business sector, social circles and within the family. They are a group that will contribute to political stability in China."
Survey results show that 79 per cent of the respondents are married, 20 per cent single and less than 1 per cent divorced.
Findings also suggest that executives in China are success-driven, with half admitting that they would sacrifice time with family for career success, while three in four said a man's greatest value lies in his work.
In terms of lifestyle choices, business executives are connoisseurs of luxury goods and loyal to brands.
"According to our survey, two in five (39.48 per cent) own a car, and a majority of the executives have purchased luxury watches, imported wines and perfumes in the past year," Shen said.
The study's findings will help marketing teams of luxury brands, advertising agencies and media operators develop fact-based marketing and advertising strategies, Shen said.
"This survey is like a mirror, reflecting the changes in the society brought about by the development of an up-market consumer segment of the population, which will increasingly dictate market behaviour on the mainland."