Cigna is a global health service organization that provides things such as accident, life, health, dental, life, and disability insurance, and associated health facilities in an exertion to assist those in the society that need it. The Cinga Insurance Company is looking to bring some influence in Hong Kong community. With that said the main goal for this paper is to expand Cinga Insurance Company in Hong Kong.
In order for this to be done, the company has to be able to understand Hong Kong before any of this is done. Who are the 7 million in the city? They are people from all ages and walks of life. For example, Hong Kong mostly comprised of ethnic Chinese, making up over and above 90% of the entire population. As far as the age is concerned, 65 years and over, make up 12.5 & of the entire population. Also, 0-14 year olds comprise of 13.5% of Hong Kong’s population. When it comes to the 15-24 age brackets, they make up 13.1% of the city and the age group of 25-34 makes up 15.3%. When it comes to the age category that is a little older which is the 45-54, they make up the most with 17.5% (Williams, 2012).
When it comes to the sex ratio, at the time of birth, the research shows that there are about 1.07 males and female. When it comes to being under 15 years of age there about: 1.12 male(s)/female in Hong Kong. With the 15-64 years it weighs in to around 0.98 male(s)/female in the entire city. Other things important in the demographics are income. In Hong Kong, the median once-a-month domestic household revenue for 2012 was $25,800. The delivery of domestic households in Hong Kong by regular family income was average for most of the homes. When it comes to the educational level of the population of Hong Kong, the city has improved noticeably over the previous 5 years. From 2007 to 2012, the education rate for those seeking degrees higher than high-school was 34%.
When it comes to trends and buying habits in Hong Kong, a survey on the spending habits of young people in, the city found that Hong Kong youths are the ones that have the most pocket money nevertheless spend it typically on things such as entertainment, accessories and clothes. When it comes to buying a lot of things people in Hong Kong borrow from friends or take up part-time work, in order to earn enough money to spend. The research shows that around one third of Hong Kong inhabitants at present owe debt except housing mortgage loan, signifying that many, mainly young individuals, enjoy spending future money on shopping, as stated by a survey by Citibank. The survey which involved Hong Kong individuals from the ages of 21 to 55, each with a monthly income of HK$10,000 or above, presented that 31 percent of the defendants have taken out a lot of loans to pay bills. The investigation goes on to display that fifteen percent of respondents mentioned the point that they are repaying the loans by installments that were all spread out over what appears to be the past three months, and 15 percent show that they have taken out some kind of a personal loan, 8 percent say that friends loaned them money from friends or relatives recently and another 9 percent were talking about how they were going through hard times because they were facing a lot of things such as credit card debts. Among all those that were involved in the survey, the respondents that were in the a 21 to 29 age bracket show the uppermost level of preparedness to pay by installments on the loans were all other ages that were older were not. The Nielsen Report made the discovery that two major trends among Hong Kong consumers who have started to become more health conscious is spending their money on things that will make them happy. Hong Kong consumers are spending less of fast food and buying exercise machines and more type of health related products.
Anon., 2012. Hong Kong Consumers Undergoing Major Lifestyle and Attitude Changes Shaped by Rapid Development of Technology. [Online] Available at: http://hk.nielsen.com/news/20070628.shtml[Accessed 9 July 2013].
Anon., 2012. National Income. [Online] Available at: http://www.censtatd.gov.hk/hkstat/sub/sp250.jsp?productCode=FA100107[Accessed 9 July 2013].