ibnlive » Business

Nov 08, 2006 at 10:45am IST

Abhishek joins the Platinum Club

New Delhi: Abhishek Bachchan will be the first member of the 'Platinum Club', a premium service aimed at the rapidly growing affluent consumer segment in India that American Express launched on Tuesday.

Bachchan will also endorse the offering through an extensive marketing campaign with the theme "Membership Changes Everything".

Members of the club will automatically receive the new American Express Platinum Credit Card, their key to a host of industry leading membership benefits, specially designed to enhance the way they live their lives everyday.

ELITE CLUB: Members of the club will automatically receive American Express Platinum Credit Card.

The member benefits are grouped under four pillars – Platinum Gourmet Club, Platinum Travel Club, Platinum Wellness Club and Platinum Golf Club, in addition to the powerful American Express Membership Rewards program. Membership to The Platinum Club is available for a lifetime foundation fee of Rs 50,000.

American Express has partnered with Kingfisher Airlines, The Taj Group of Hotels, and more than 250 boutique establishments including India's leading restaurants, retail stores and spas to be able to offer the types of benefits that directly appeal to the lifestyle aspirations of the high spending affluent population as identified in "Inside the Affluent Space" study.

Announcing the launch, American Express, ASEAN and South Asia Senior Vice President Atul Mathur said, "Today India's affluent consumers appreciate the finer things in life, but the manifestation of that appreciation has changed – exclusivity, convenience, service, recognition and badge value are the new status symbols. They are looking for exclusive product and service offerings that add tangible value, have real utility and simplify their lives. "

To understand the changing lifestyle aspirations of the rapidly growing affluent high spending consumers, American Express conducted a study titled Inside the Affluent Space – which clearly indicated that driven by the increased sense of security and economic independence this consumer segment has acquired a new mindset – "I've Made It!”

People with this mindset have a clear idea of the lifestyle they want to lead – they are seeking best quality, best service and also want the best value for their hard earned money.

"According to industry estimates, today there are about one million high spending affluent in India , and at a 25 per cent growth, their numbers are increasing rapidly These high-earning, high spending consumers are motivated by a sense of discovering something new and have a keen eye for quality products and experiences, no matter what the price is. They typically spend three times more than the average consumer on travel and dining out. With a annual credit spend of approximately Rs 360,000 which is 10 times that of the average consumer – these high spending consumers have an informed willingness to use credit to achieve their aspirations. In return, however, they expect to receive tangible recognition of their product use and they expect value for money," said American Express, India Vice President and Country Manger Robert Hennin.

American Express has also selected Abhishek Bachchan to feature in an extensive 360º marketing campaign designed to promote the new Platinum Club. Bearing the tagline 'Membership Changes Everything', the campaign will convey the important role American Express plays in supporting the lifestyle needs of its customers.