In 2023, China's luxury goods consumption will account for about 22 - 24% of total global consumption, and is forecast to increase to 35 - 40% by 2030 (domestic consumption will reach 24 - 26%), according to Bain & Company - a US-based consulting and management firm.
China’s economic growth has created a new wave of wealthy travelers, fueled by urbanization. Rising incomes have led Chinese consumers to crave high-end travel experiences both domestically and internationally, Jing Daily reported.
The first generation of Chinese entrepreneurs often travel for work. They seek easy travel experiences, and enjoy indulging in fine dining , entertainment, spas, and exclusive services. This type of travel reflects their desire for a balance between work and leisure.
Compared with their peers around the world , the travel preferences of the Chinese wealthy are very different. Vincent Wang, a travel influencer in China, said that most global luxury travelers prefer exclusive experiences and value social interactions during their trips, which are not important to many older wealthy people in China.
What wealthy Chinese travelers are looking for are “stable, branded destinations.” As such, 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, which included 750 respondents from households with 45 million yuan ($6.2 million), found that 90% wanted to travel domestically more in the next three years. Island destinations such as Sanya were popular, while the Maldives, Dubai, France, the UK and Singapore topped the list of international destinations.
Quality is the most important factor when choosing a destination and accommodation. In addition, this group of guests has also paid attention to art in recent years. Specifically, they want itineraries and tours that focus on art themes such as visiting art studios or exploring behind the scenes. The process of creating beauty and perfection excites this group of guests.
Carol Chen, a China travel expert and owner of a high-end travel agency, added that Chinese luxury travelers are “deeply aware of social status and want to fit in with their peer group.” This means they will prioritize experiences and shopping with friends and colleagues to maintain social cohesion.
“Face” plays an important role in the spending decisions of Chinese luxury customers. They are willing to buy luxury goods and use high-end services to avoid feeling embarrassed in front of their peers.
"Luxury customers want to show off their class, wealth, and status, so they want to look for brands and experiences that many people admire," Chen said.
The way affluent millennials think about travel is also different from older generations. Jackey Yu, an expert on Chinese and Asian consumers, says millennials are less interested in luxury brands than older generations. They seek brands that represent niche communities, contribute to sustainability, and bring good values to the world.
The digital nomad lifestyle is also emerging among affluent millennials who want to work remotely to explore the world. For this group, travel represents freedom and the pursuit of authentic experiences.
According to Jing Daily, luxury travel in China is undergoing many changes, especially as consumer incomes increase. Therefore, this market promises great 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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