In the competitive landscape of Hong Kong's financial services market, Mastercard faces a formidable challenge: captivating the elusive and discerning High Net-Worth Individuals (HNWIs).
Amidst the fierce rivalry with Visa and American Express, who traditionally outspend us on paid media, the quest to engage these premium customers was intensifying, with Visa outspending Mastercard by X% in traditional paid media in 2023.
Our challenge was compounded by the evolving trends of HNWIs in Hong Kong, who are increasingly seeking unique, bespoke experiences over material possessions. Data indicated a growing appetite for exclusivity and personalized services, reflecting a shift in luxury consumption patterns.
They were also gravitating towards experiences that reflect ethical and sustainable values, aligning with global trends towards social responsibility and environmental consciousness.
Mastercard, therefore, needed to navigate these nuanced demands and redefine its value proposition to resonate with the changing preferences of Hong Kong's HNWIs.
Our strategy was to demonstrate just how far we’ll go for our customers.
While Visa was buying billboards to capture their attention, we aimed to provide them with something they could touch, feel, taste, and experience. But how do you entice an audience that's accustomed to having access to whatever they desire?
We leaned into the insight that HNWIs in Hong Kong are no longer just followers of established luxury norms; they crave originality and seek not only exclusivity but also authenticity and culture in their experiences.
Recognizing this, Mastercard needed to craft an experience that went beyond just access. These individuals would need to feel a personal stake and see themselves in an unparalleled experience—an experience that transcends service to become a symbol not only of their importance to Mastercard but also one of taste, innovation, cultural engagement, and sustainable luxury.
So we built them a restaurant!
We didn’t just sponsor a restaurant or do a pop-up. We brought to life an experience specifically crafted for their needs, designed to host culinary collaborations with local chefs, artists, musicians, and more—a space where we could provide them with the rich cultural experience they were seeking, which was also sustainable and built to last.
Partnering with LUBUDS group, we created “LUMA”.
While LUMA is the ‘LU’ from LUBUDS and the ‘MA’ from Mastercard, it is also a derivative of the word “luminous,” meaning the emission of “light,” “radiance,” and “brightness,” symbolizing the birth of something special.
The journey was one of co-creation, from the brand to the decor to the food itself.
Every inch was designed to provide a multi-sensory experience for our customers, literally evoking all five senses through showcasing Michelin Star chefs to budding homegrown talent.
The partnership also provided a range of other benefits for Mastercard customers, including exclusive experiences such as chef meet-and-greets, discovering hidden menus, theatrical spectacles as chefs present their signature dishes to your table, and even live demonstrations from expert sashimi masters cutting fresh tuna.
The space was designed for not only intimate gatherings for a few but also as a destination to host corporate events, allowing our audience the opportunity to impress their friends and their business partners.
The space has even hosted 4 exclusive events with top banking customers (Hang Seng, HSBC, SCB, Citibank SG) and provided opportunities for other parts of the Mastercard business with expansion into Mastercard’s Data & Services through the revamped LUBUDS loyalty app and program.
And as LUMA continues to serve new customers every day, it stands not just as a destination, but as a testament to Mastercard's dedication to offering HNWIs in Hong Kong the ultimate 'Priceless' experience.