In 2023, China's luxury goods consumption accounted for approximately 22-24% of total global consumption, projected to increase to 35-40% by 2030 (domestic consumption reaching 24-26%), according to Bain & Company, a US-based consulting and management firm.
According to a report by Jing Daily, China's economic growth is creating a new wave of wealthy travelers, fueled by urbanization. Rising incomes are driving Chinese consumers to desire high-end travel experiences both domestically and internationally.
The first generation of Chinese entrepreneurs often combined business travel with leisure. They sought easy travel experiences, indulging in fine dining , entertainment, spas, and exclusive services. This style of travel reflected their desire for a balance between work and leisure.
Compared to their peers around the world , the travel preferences of wealthy Chinese individuals differ significantly. Vincent Wang, an influential figure in China's travel industry, says that most global luxury travelers prefer exclusive experiences and value social interactions throughout their trips, factors that are not prioritized by many older wealthy individuals in China.
What wealthy travelers in China value most are "stable, branded destinations." Therefore, they prefer high-end accommodations from brands like The Ritz-Carlton, Four Seasons, and Peninsula.
In 2023, a survey conducted by the Hurun Research Institute, involving 750 individuals from families with 45 million yuan (US$6.2 million) in assets, indicated that 90% wanted to travel domestically more often in the next three years. Island destinations like Sanya were popular, while Maldives, Dubai, France, the UK, and Singapore topped the list of international destinations.
Quality is the most important factor when travelers choose a destination or accommodation. In addition, this group of travelers has also shown a growing interest in art in recent years. Specifically, they want itineraries and tours that focus on art themes, such as art studio tours or behind-the-scenes explorations. The process of creating beauty and perfection excites this group of travelers.
Carol Chen, a Chinese travel expert and owner of a travel company specializing in serving high-end clients, added that high-end Chinese travelers "are deeply aware of their social status and want to fit in with their circle of friends." This means they will prioritize experiences and shopping with friends and colleagues to maintain social connections.
"Reputation" plays a crucial role in the spending decisions of wealthy Chinese consumers. They are willing to buy luxury goods and use high-end services so as not to feel embarrassed in front of their peers.
"The high-end clientele is eager to showcase their class, wealth, and status, so they seek out brands and experiences that many people admire," Chen said.
The mindset of wealthy young people regarding travel also differs from that of previous generations. Jackey Yu, an expert on Chinese and Asian consumers, says that this younger generation pays less attention to luxury brands than previous generations. They seek brands that represent niche communities, contribute to sustainability, and bring positive values to the world.
A digital nomadic lifestyle is also emerging among wealthy young people. They want to work remotely to freely explore the world outside. For this group, travel represents freedom and the pursuit of authentic experiences.
According to Jing Daily, luxury travel in China is undergoing significant changes, especially as consumer incomes rise. Therefore, this market promises substantial growth and continuous transformation in the future.
TH (according to VnExpress)Source: https://baohaiduong.vn/cach-nguoi-giau-trung-quoc-du-lich-386714.html
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