Rich Chinese millennials show spending firepower but Asia stands to lose
Rich Chinese millennials have an average household travel spend of 420,000 yuan per year and are set to go on more trips in the next three years, but Asia as a destination overall stands to lose as their reasons for travel have changed.
Rich Chinese millennials have an average household travel spend of RMB 420,000 (USD 65,000) per year and are set to go on more trips in the next three years, but Asia as a destination overall stands to lose as their reasons for travel have changed.
Hurun’s report on The Chinese Luxury Traveler 2016, done in conjunction with Marriott International, surveyed 525 rich Gen Ys aged 18 to 36 years old with an average personal wealth of, get this –RMB 38.8 million – from sources including investment returns (42 per cent), personal salary (23 per cent) and inheritance (20 per cent). Over half (55 per cent) were male, 77 per cent married and, of that, 75 per cent with one child.
The just-released report shows leisure travel has dropped as the major motivator for travel, with 68 per cent citing this as the reason for travel in the next three years, compared with 82 per cent in 2015.
Exploring the world has jumped as reason for travel in the next three years (50 per cent, from 40 per cent in 2015), along with adventure travel (35 per cent from 23 per cent), cruises (28 per cent from 26 per cent), polar exploration (22 per cent from 16 per cent) and road trips (21 per cent from 12 per cent).
Because of the shifting trend, interest in neighbouring countries such as Japan (ranked the most memorable travel destination in 2015), South Korea, Hong Kong, Macau and Taiwan have dropped. Longer haul countries such as the US, the Pacific Islands & Oceania, Africa, the Middle East and the North & South Poles have seen more interest, increasing by 27 per cent, 49 per cent, 179 per cent, 129 per cent and 73 per cent respectively.
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