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Hurun Report released the Chinese Luxury Traveler 2018 Report

Intro
The Hurun Research Institute and ILTM China have joined forces to release The Chinese Luxury Traveler 2018 for the eight successive year.

In the past year, high-end travelers most loved travelling in Europe, with the Americas and Africa on the rise in second and third place

 

Parent-child travel becomes the new travel theme

 

Australia, Thailand and New Zealand are top three destinations for Chinese New Year 2019, still 29% prefer to stay at home

 

The biggest travel worries are traffic safety, followed by natural disaster, robbery and being ripped off

 

Hotel Membership: Hyatt Membership Enters Top Spot For First Time

 

Local cuisine is undoubtedly the most popular style of food when traveling, followed by Japanese, Sichuan and Cantonese food

 

Near half have bought holiday homes

 

Hurun Report and ILTM China team up to release the Chinese Luxury Travel Report for the eighth consecutive year


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Key Findings of the Report:

 

1. Destinations: In the past year, the top 5 most popular overseas destinations for Chinese high-end travelers were Europe (39%), the Americas (36%), Africa (29%), Southeast & South Asia (23%) and Japan & South Korea (22%). Africa rose fastest, breaking into the top three as it increased from 15% last year to 29%. The Americas increased by 5%, rising to second. Top-placed Europe fell 6% compared with last year.

2. Travel themes: the surprise vacation theme last year was islands and beaches. Its popularity seems to have peaked, however, with the selection rate dipping to 13% this year. Travel around the world saw the fastest rate of growth, establishing itself in pole position with an increase from 13% last year to 37%. Polar exploration, the most popular theme last year, fell by 8.5% and takes second place with a rate of 22%. Rupert Hoogewerf, Hurun Report chairman and chief researcher says "Travel around the world ranks at the top, indicating that people are travelling while learning, though interest in Polar exploration has gone down a lot this year". A prominent new travel theme in recent years, parent-child travel enters the top three with 19%.

3. Vacation destinations for 2019 Chinese New Year: 64% of respondents have chosen to take an outbound trip during Chinese New Year next year. The top three destinations are Australia (20%), Thailand (18%) and New Zealand (17%). 29% of respondents will stay in China. The most popular choice is to return to one’s hometown, with 10%, followed by trips to Sanya and Yunnan close behind with 8% and 6% respectively.

4. Travel times: the proportion of travelers choosing not to travel at fixed times throughout the year increases by 8% compared with the previous year, up to 45%. With regards to travel during public holidays, the Chinese New Year is the top choice, taking up 23%; the National Day holiday (19%) comes second, while the Labour Day holiday (8%) and Mid-Autumn Festival (6%) are the next most popular. Travelling during the summer holiday season increased once again by 4%, up to 19%.

5. Main travel concerns: the biggest travel worries are traffic safety, with a noteworthy 42%, followed by natural disasters (25%), robbery and theft (22%), being ripped off (12%), dietary hygiene (11%) and travel facility safety (11%). It is clear that safety issues are the biggest concerns for travelers.

6. Travel agency selection: over half of high-end travelers opt for personalised service as the key consideration when a selecting a travel agency, with half choosing a well-planned itinerary. 45% of travelers prioritise problem-solving capacity. Creative itineraries and hard-to-find resources are among the top five factors for consideration, having been chosen by nearly 30% of travelers.

7. Transport: when it comes to domestic airlines, Air China is the carrier of choice among high-end travelers by a considerable margin with 50%; China Eastern comes second, with its selection rate increasing by 7% to 28%; China Southern ranks third with 23%. Among international airlines, Emirates remains in top spot.

8. Hotel/Accommodation: Ritz-Carlton is the most popular luxury hotel brand once again. With regards to hotel membership, the Hyatt scheme is the most popular, being preferred by 26% of high-end travelers, up from a mere 3% last year.  

Holiday rentals: in addition to traditional hotel accommodation, 24% of travelers will consider Airbnb-style holiday home rentals, more or less the same proportion as the previous year. ‘Strong sense of belonging and experience of local life’, ‘lower price’, and ‘family atmosphere’ are their main rationale for taking this route. Rupert Hoogewerf says ‘the performance of the high-end short-stay holiday home market has been weak. However, as traveling as a family grows in popularity, the market is likely to see significant development in the future.”

9. Home stay: 24% of people would choose home stay, maintaining the same level as last year. “Better understanding the local life”, “reasonable prices”, “family atmosphere” are the main reasons for them to choose home stay. Rupert Hoogewerf says, “High end home stay should have a bright future, and lot of people like to travel with two or three families.”

10. Popular cuisine: local cuisine is undoubtedly the most popular style of food when traveling. Other well-received cuisines among high-end travelers, ranked in order of popularity, include Japanese, Sichuan and Hunan, Cantonese, Italian, French and Southeast Asian.

11. Holiday homes: nearly half of high-end travelers interviewed have purchased holiday homes, with 11% of them in Thailand, 10% in Australia and 5% in both Switzerland and Japan; in China, Sanya is the location of choice, with a selection rate of 12%. The homes have an average floor space of 100m2. Apartments and villas are the favoured mode of residence. In terms of surrounding environs, homes with a sea view are the most popular.

12. Future trends: demand for smart accommodation experiences, including VR, house-viewing videos and AI services, is expected to rise,.

13. Methodology: The quantitative survey encompasses data from 236 respondents, showing that they have been to 20 countries on average, and 20% have been to 50 countries. Average spending on family travel is CNY350,000. Rupert Hoogewerf says, “It is really takes an effort to find more than 200 high net worth individuals who spend more than CNY 350,000 per year on travel. These people represent the future trend of China’s high end travel. We highly appreciate the support from four agencies, including Diadema, Magic Travel, Zanadu, and 8continents, to our research this year.

 

(31 October 2018, Shanghai) The Hurun Research Institute and ILTM China have joined forces to release The Chinese Luxury Traveler 2018 for the eight successive year. The report is based on deep research into travel preferences and consumption among Chinese high-end travelers, and the trends expected to arise in future.

 

The data behind the research are drawn from the Chinese Luxury Travel and Lifestyle Survey 2018, a cooperative venture between Hurun Report and four travel agencies, namely DIADEMA, MAGIC TRAVEL, ZANADU and 8 Continents. The quantitative survey encompasses data from 236 respondents hailing from 43 cities nationwide, including first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, and second- and third-tier cities such as Xi’an, Qingdao, Hangzhou, Nanjing, Nanchang, Qingdao, Dalian and Suzhou. The respondents are 38 years old on average, and are 30% male and 70% female. 69% are married and among them, 42% have one child; 21% have two children; 33% have no child. Their average wealth amounts to CNY20 million, with 41% derived from salaries, 39% from investment returns, and 26% from enterprise ownership rights. They have worked or studied overseas for 2.7 years on average and have visited 20 countries. They take an average of three trips annually and spend 26 days per time. Average family spending on travel is CNY350,000. Average family spending on shopping during travel is CNY180,000, and average budget for accommodation per night is CNY2,300.

 

Rupert Hoogewerf, Chairman & Chief Researcher of Hurun Report, said: “Chinese high end travelers more and more recognize the value of services, and are less concerned about the prices compared to the past. 42% of the respondents’ budgets are above CNY3000 for one night at a hotel, and 66% of high end travelers choose to take first class/business class to travel, a complete change from five years ago. I am delighted that Hurun Report is once again the official partner of ILTM China, the global high-end travel industry leader, for the twelfth successive year, and that we have collaborated to release the Chinese Luxury Traveler for past eight years to explore the trends and trajectories of the high-end travel market.”

  

 

This is a translation of the summary of the Chinese press release. Please refer to the Chinese language version for the full release.

 

 

Report Highlights

 

Destinations: Africa Rises Fastest, Europe Remains Top Choice

In the past year, the top five most popular overseas destinations for Chinese high-end travelers were Europe (39%), the Americas (36%), Africa (29%), Southeast & South Asia (23%) and Japan & South Korea (22%). Africa rose fastest, increasing from 15% compared with last year to 29%, announcing its entry into the top three. The Americas increased by 5%, rising to second. Top pick Europe fell by 6% compared with last year. The destination of choice in the previous two years - Southeast & South Asia – was eclipsed by the rise of alternative options, falling significantly from 44% last year to 23% this time around and slipping out of the top three. Perennially popular Japan & South Korea performed solidly in fifth position.

 


Destination

Ratio (Change)

1 -

Europe

39% (-6%)

2 ↑

Americas

36% (+5%)

3 ↑

Africa

29% (+14%)

4 ↓

Southeast &   South Asia

23% (-21%)

5 ↑

Japan &   South Korea

22% (-2%)

6 ↓

Oceania   & Pacific Islands

17% (-9%)

7 ↑

Polar   Regions

12% (-11%)

8 ↑

Middle   East

11% (+1%)

8 ↓

Hong Kong,   Macao and Taiwan

11% (-10%)

10 *

Central   Asia

6% (+6%)

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down  - No change *New to Top10

 

 

Travel Themes: Travel around the world Rapidly Ascends to the Top, Parent-Child Travel Set to Become Hot Trend

The surprise vacation theme last year was islands and beaches. Its popularity seems to have peaked, however, with the selection rate dipping to 13% this year. Travel around the world saw the fastest rate of growth, establishing itself in pole position with an increase from 13% last year to 37%. Polar exploration, the most popular theme last year, fell by 8.5% and takes second place with a rate of 22%. A prominent new travel theme in recent years, parent-child travel enters the top three with 19%. It is worth noting that high-end travelers are not satisfied with single-purpose trips, and like to combine beaches, adventure, fine dining and leisure activities. Over the next three years, the biggest difference between the preferences of those residing in the first-tier cities and non-first-tier cities is the desire to experience art and culture; the selection rates are respectively 38% and 18%.

 


Travel theme

Ratio (Change)

1 ↑

Somewhere   new

37% (+24%)

2 ↓

Polar   exploration

22%   (-8.5%)

3 *

Parent-child   travel

19% (New)

4 ↑

Road trips

17%   (+2.9%)

5 ↑

Art and   culture

15%   (+5.7%)

6 ↓

Adventure   travel

14%   (-6.1%)

6 ↓

Fine   dining, wine tasting

14%   (-0.2%)

8 ↓

Islands   and Beaches

13%   (-10.4%)

9 ↓

Study,   recharging one’s batteries

9% (-4.5%)

10 *

Health and   wellness

8% (+2%)

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down  - New to the Top10

 

 

Travel Times: Flexible Travel Continues to Find Favour, 45% Travelers Choose Not to Travel at Fixed Times

The proportion of travelers choosing to travel at flexible times throughout the year increased by 8% compared with last year, up to 45%. Among national holidays, the Chinese New Year is the top choice, with 23%; the National Day holiday (19%) is second, while the Labour Day holiday (8%) and Mid-Autumn Festival (6%) come next. Those choosing to travel during the summer holiday season increased once again by 4%, up to 19%.


PreferredTravel Time

Ratio   (Change)

1 ↑

No fixed time

45% (+8%)

2 ↓

Chinese New Year

23% (-1%)

3 ↑

National Day

19% (+3%)

3 ↑

Summer holidays

19% (+4%)

5 ↓

Labour Day

8% (-2%)

6 ↑

Mid-Autumn Festival

6% (+3%)

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down  - No change

 

 

Main Travel Concerns: Safety the Most Pressing Issue

The biggest travel worries are traffic safety, with a noteworthy 42%, followed by natural disasters (25%), robbery and theft (22%), being ripped off (12%), dietary hygiene (11%) and travel facility safety (11%). It is clear that safety issues are the biggest concerns for travelers.


Main Concern

Ratio

1

Traffic   safety

42%

2

Natural   disasters

25%

3

Robbery   and theft

22%

4

Being   ripped off

12%

5

Dietary hygiene

11%

5

Travel   facility safety

11%

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

 

 

Travel during Summer and Autumn:

Thailand is still the top choice for summer and autumn but the selection rate drops by 5% to 22%. Maldives maintains its second position but also falls, down by 3% to 15%. The popularity of Hawaii, Saipan and Malaysia saw rises, with respective increases to 15%, 13% and 11%. The popularity of Bali and Fiji, however, has waned. In China, Yunnan knocks Sanya off top spot, with a selection rate of 13%. Sanya drops by 6% this year and ends up in second place with 10%. The popularity of Changbaishan increased by 3%, and it enters the top three in China with 6%.

 


International   destinations for summer and autumn

Ratio   (Change)



Domestic   destination in summer and fall

Ratio   (Change)

1 -

Thailand

22% (-5%)


1 ↑

Yunnan

13% (+2%)

2 -

Maldives

15% (-3%)


2 ↓

Sanya

10% (-6%)

2 ↑

Hawaii

15% (+5%)


3 ↑

Changbaishan

6% (+3%)

4 ↑

Saipan

13% (+9%)


4 -

Dalian

1% (0%)

5 ↑

Malaysia

11% (+8%)





6 ↓

Bali

10% (-2%)





7 ↓

Fiji

9% (-4%)





 

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down  - No change

 

 

Travel in Spring and Winter:

Japan is also the top choice for spring and winter travel, with the selection rate increasing by 4% to 36%. The selection rate for New Zealand saw a significant spike this year, rising by 13%, establishing it in second place with 21%. Australia maintains third place with 18%. Switzerland also performed well, increasing by 5% and ranking fourth with 12%. The popularity of Thailand weakened, dropping by 8%, and ranking fifth with 10%. In China, Sanya is the clear favourite with 13%; Xiamen and Hangzhou rise to joint second, both with 8%; Yunnan and Tibet are joint third with 6%.

 


International   destinations for spring and winter

Ratio   (Change)



Domestic   destinations for spring and winter

Ratio   (Change)

1 -

Japan

36% (+4%)


1 -

Sanya

13% (+1%)

2 ↑

New Zealand

21% (+13%)


2 ↑

Xiamen

8% (+4%)

3 -

Australia

18% (+2%)


2 ↑

Hangzhou

8% (+3%)

4 ↑

Switzerland

12% (+5%)


4 -

Yunnan

6% (0%)

5 ↓

Thailand

10% (-8%)


4 ↑

Tibet

6% (+3%)

6 ↓

South Korea

7% (-1%)





6 ↑

California

7% (+3%)





8 ↓

Canada

6% (-2%)





 

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down  - No change

 

 

The most favorite travel destinations:

Maldives still ranks at the top of the “most favorite international travel destination”, followed by Japan. America slips to the sixth spot, with Thailand going into the top ten for the first time. As for domestic travel, Sanya leads the “Most popular travel destination” for the seventh consecutive year. Tibet ranks at the second spot, and Hong Kong maintains the third place.

 

Best International Luxury Travel Destination    Best Domestic Luxury Travel Destination


International Tourism Destination

Ratio



Domestic Tourism   Destination

Ratio

1 -

Maldives

25.9%


1 -

Sanya

39.8%

2

Japan

22.5%


2 -

Tibet

25.9%

3

France

21.2%


3 -

Hong Kong

24.8%

4

Hawaii

19.3%


4

Taiwan

16.4%

5

Australia

16.2%


5

Yunnan

15.9%

6

The United   States

15.7%


6 -

Macau

13.4%

7

Dubai

15.4%


7

Sichuan

12.5%

8

Swiss

14.9%


8 -

Hangzhou

11.4%

9

Thailand

11.0%


9

Xinjiang

8.4%

10

Italy

10.7%


10

Qingdao

7.0%

11

UK

10.6%


11

Xiamen

6.1%

12

Canada

9.1%


12

Shanghai

5.9%

13

New   Zealand

8.6%


13

Changbaishan   Mountain

5.6%

14 -

Singapore

8.5%


14

Beijing

3.6%

15 -

Germany

6.8%


15

Dalian

3.3%

Source: Hurun Best of the Best – Chinese Luxury Consumer Survey 2018

↑ Ranking up   ↓ Ranking down  - No change

 

 

Holiday Destinations for 2019 Chinese New Year: Back Home to see in the New Year

64% respondents plan to travel overseas during Chinese New Year. The top three destinations are Australia (20%), Thailand (18%) and New Zealand (17%). 29% respondents will stay in China. The most popular domestic choice is to return to one’s hometown, with 10% planning to do so, followed by trips to Sanya and Yunnan in second and third respectively with 8% and 6%.

 


International   destinations during Chinese New Year

Ratio



Domestic   destinations during Chinese New Year

Ratio

1

Australia

20%


1

One’s hometown

10%

2

Thailand

18%


2

Sanya

8%

3

New Zealand

17%


3

Yunnan

6%

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

 

 

Choosing a Travel Agency: Journey Quality the Key, Personalised Service Yields Competitive Advantage

Over half of high-end travelers choose personalised service as the top factor for consideration when selecting a travel agency, with half of travelers singling out a well-planned itinerary. 45% travelers consider problem-solving capacity especially important. Creative itineraries and hard-to-find resources also enter the top five, selected by nearly 30% of travelers. Among the reasons for dissatisfaction with travel agencies, itinerary scheduling accounts for 31%, ranking first, with other gripes including meals (18%), flight services (17%), tour guides (14%), hotel facilities/environment (13%) and the tour leader (12%). Compared to second tier cities, first tier cities are more focused on customized services, while the second tier rely more on package tours.

 


Reasons   for satisfaction with travel agency

Ratio   (Change)



Reasons   for dissatisfaction with travel agency

Ratio   (Change)

1 ↑

Customized service

54% (-1%)


1 -

Itinerary scheduling

31% (+2%)

2 ↓

Well-planned itinerary

50% (-9%)


2 -

Meals

18% (-6%)

3 -

Problem-solving capacity

45% (-6%)


3

Flight services (including hardware facilities, transfer time, credit   policy)

17% (+1%)

4 ↑

Creative itineraries

28% (-3%)


4

Tour guide

14% (-7%)

5 ↓

Hard-to-find resources

26% (-5%)


5

Hotel facilities/environment

13% (-1%)

6 ↑

Like-minded travel companions

21% (+4%)


6

Tour leader

12% (-3%)

7 ↑

Regular contact

15% (+10%)





Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down  - No change

 

 

Transport:  Air China and Emirates Top Most Popular Domestic and International Airline Polls among High-end Travelers

When it comes to domestic airlines, Air China is the carrier of choice among high-end travelers by a considerable margin with 50%; China Eastern Airlines comes second, with its selection rate increasing by 7% to 28%; China Southern Airline ranks third with 23%. Among international airlines, Emirates Airlines remains in top spot.

 


Domestic   Airlines

Ratio   (Change)



International Airlines

Ratio (Change)

1 -

Air China

50% (-4%)


1 -

Emirates

23% (0%)

2 ↑

China Eastern

28% (+7%)


2 ↑

Virgin   Atlantic

19% (+16%)

3 ↓

China Southern

23% (0%)


3 ↑

Lufthansa

15% (+12%)

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down  - No change

 

 

Hotels: The Ritz-Carlton is remains the most favoured luxury hotel brand while Banyan Tree and Four Seasons follow in second and third.

 

   

 

Most Popular   Luxury Hotel Brand

1 -

Ritz-Carlton

2 -

Banyan   Tree

3 -

Four   Seasons

4

Aman

5 -

Fairmont

6

Mandarin   Oriental

7

St.   Regis

8

Peninsula

9 -

Park   Hyatt

10

Langham

Source: Hurun Best of the Best—Chinese Luxury Consumer Survey 2018

↑ Ranking up   ↓ Ranking down  - No change

 

 

Hotel Membership: Hyatt Membership Enters in Top Spot

Hyatt’s membership scheme was selected by 26% of high-end travelers, occupying the top spot for the first time. Last year, the figure stood at a mere 3%. Hyatt is followed by Ritz-Carlton (23%), Starwood (19%), Intercontinental (18%) and Shangri-La (17%).

 


 

Most Popular Luxury Hotel Member

Ratio (Change)

1↑

Hyatt

26%   (+23%)

2↓

Ritz-Carlton  

23%   (-10%)

3   -

Starwood

19%   (+5%)

4   -

Intercontinental  

18%   (+5%)

5   -

Shangri-La  

17%   (+6%)

6↑

Accor

11%   (+8%)

6   -

Marriott

11%   (+6.2%)

6↑

Kempinski  

11%   (+10%)

9↓

Hilton  

8%   (-13%)

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down  - No change

 

 

Factors Considered in Selecting Hotel:

Room cleanliness is the chief deciding factor among high-end travelers for selecting a hotel, followed by good location (36%), spaciousness (35%), comfortable bedding (28%) and humanized hotel service (25%).

 


Considering Factors in   Selecting Hotel

Ratio (Change ratio)

1

Room cleanliness

46% (+2%)

2

Good location

36% (-8%)

3

Spaciousness

35% (+11%)

4

Comfortable bedding

28% (+6%)

5

Hotel staff service

25% (-24%)

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down

 

 

Popular Cuisines:

Local cuisine is undoubtedly the most popular culinary style when travelling. Other favourite cuisines among high-end travelers include Japanese, Sichuan and Hubei, Cantonese, Italian, French and Southeast Asian, in order of popularity.

 


Culinary Style

Ratio (Change ratio)

1 -

Local cuisine

39% (-17%)

2 -

Japanese

28% (-4%)

3↑

Sichuan   and Hubei

27% (+1%)

4↓

Cantonese

23% (-8%)

5↑

Italian

16% (+6%)

6↓

French

14% (-6%)

7↑

Southeast   Asian

13% (+1%)

7↑

Buffet

13% (-3%)

9↑

South   Korean

10% (+5%)

10↑

Hot pot

8% (0%)

11↓

Creative   cuisine

7% (-12%)

11↑

Vegetarian

7% (+3%)

13↑

British

4% (+3%)

14↓

German

3% (-1%)

15↓

Pub Grub

1% (-9%)

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2018

↑ Ranking up   ↓ Ranking down  - No change

 

 

Holiday Homes: Nearly Half of High-end Travelers Have Purchased Holiday Homes, with Choose Sea View Rooms as Their First Choice

Nearly half of high-end tourist respondents have purchased holiday homes. 11% are in Thailand and 10% in Australia, while Switzerland and Japan both account for 5%; domestically, Sanya remains their first choice, with a selection rate of 12%. Holiday homes are purchased not just for vacationing, but also for investment and retirement purposes. The average floor space is 100 square metres, apartments and villas are the favoured modes of accommodation, and in terms of the surrounding environs, having a sea view is the most attractive feature. The usage rate of these homes is not particularly high, with 22% of respondents only making use of theirs 1 to 3 times a year.

 

High-end Short-stay Holiday Rental Market Remains Stable

The boom in the sharing economy has had an impact on high-end Chinese tourists’ accommodation choices. In addition to traditional hotels, 24% of respondents choose Airbnb-style homestays, more or less the same as last year. The reasons why they choose homestays are mainly ‘strong sense of belonging and experience of local life’, ‘lower price’, and ‘family atmosphere’.

 

Future Travel Accommodation Services: Demand to Mount for Smart Experiences: VR, Short Video Viewing, AI Services

36% of the respondents believe that in future, panoramic VR viewing should be added to the list of pre-stay services, while 33% would like video viewing services. In addition, the use of AI to simplify check-in and provide smart unlocking and even robot services are on the high-end tourist wish list for services to be provided in future.

 

 

Reference Information

 

Enthusiasm among High Net Worth Individuals for Tourism Products and Holiday Homes on the Rise

Tourism has long been the most important leisure activity for high net worth individuals in China. In terms of their discretionary expenditure, tourism accounts for the highest proportion, at 27%. When it comes to selecting gifts worth up to CNY20,000 , the popularity of tourism products among high net worth individuals has grown higher than last year. Among the gifts that males opt for, they rank in the top ten, and are preferred over accessories and liquor; among females, they rank in the top five, and are more popular than electronic products. Over the past year, the proportion of Chinese high net worth individuals purchasing overseas holiday homes increased by 25%, and among them, those who would like to relocate their holiday homes overseas has risen to 41%. (Source: Hurun Report’s Hurun Chinese Luxury Consumer Survey 2018)

 

 

Key Chinese High-end Consumer Statistics

By January 2017, the number of ‘affluent households’ with assets of CNY6  million yuan in the Greater China Region had reached 4.6 million, with an increase of 274,000 on the previous year at a growth rate of 6.3%; among them, those with investable assets of CNY6 million has reached 1.16 million. The number of ‘high-net-worth households’ with a value of CNY10 million yuan reached 1.86 million, up 147,000 on the previous year with a growth rate of 8.6%; among them, those with CNY10 million yuan in investable assets reached 948,000. The number of ‘ultra-high-net-worth households’ with CNY100 million yuan assets totaled 121,000, with an increase of 12,000 on the previous year at a growth rate of 10.5%, among which those with CNY100 million in investable assets reached 71,000. The number of ‘international ultra-high-net-worth households’ with assets of USD30 million amounted to 79,000, an increase of 8,300 on the previous year at a growth rate of 11.8%; among them, those with USD30 million in investable assets reached 48,000.

 

Not including Hong Kong, Macao and Taiwan, the number of ‘affluent households’ with CNY6 million assets in mainland China reached 3.62 million, with an increase of 240,000 over the previous year at a growth rate of 7.1%; among them, the number those with CNY6 million yuan in investable assets was 1.67 million. The number of ‘high-net-worth households’ with CNY10 million assets reached 1.47 million, with an increase of 130,000 over the previous year at a growth rate of 9.7%; among them, the number of those with CNY10 million in investable assets reached 749,000. The number of ‘ultra-high-net-worth households’ with assets of CNY100 million hit 99,000, with an increase of 10,000 over the previous year at a growth rate of 11.6%; among them, the number of those with CNY100 million in investable assets reached 59,000. The number of ‘international ultra-high-net-worth households’ with USD30 million amounted to 65,000, with an increase of 7,600 over the previous year at a growth rate of 13.3%; among them, the number of those with USD30 million in investable assets reached 39,000. (Source: Hurun Wealth Report 2017)

 

 

We would like to extend our thanks to the following travel agencies (in no particular order) for their support for this survey:

 微信图片_20181031100210.png

 

 

About ILTM China

 

2018 ILTM China takes place in Shanghai between 31st October - 2nd November 2018, exclusively inviting buyers and planners of outbound luxury travel from China only. ILTM China is a bespoke event with one-to-one meetings supporting pre-scheduled mutually matched appointments. International exhibitors will meet 215 carefully vetted luxury planners and agencies from 18 major Chinese cities, including,  Beijing, Changchun, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Guilin, Guangzhou, Hangzhou, Kunming, Nanjing, Shanghai, Shenyang, Shenzhen, Tianjin, Wenzhou and Wuhan. More than 30% of all buyers at ILTM China are new to the ILTM Portfolio.

 

 

About Hurun Report Inc.


Nobody Knows China’s Rich Better!

 

Established in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc. has grown into a leading research platform based in Shanghai, best-known for its China Rich List, and with 150 employees today. Hurun Report Inc. has four main divisions.

 

Hurun Research Institute ‘World’s Largest Rich List Provider’

2018 marks the 20th release of the Hurun China Rich List, highlighting the fastest wealth creating period in the history of the world. The Hurun List shows how Chinese entrepreneurs to have grown to 35% of the Hurun Global Rich List, overtaking US entrepreneurs for the first time two years ago.

 

The Hurun Richest Self-Made Women in the World has been highlighting for over ten years the fact that 70% of the world’s most successful women in business herald from China, ie Chinese are completely dominant in the world of women in business. This has changed the way the world looks at Chinese women in business.

 

The Hurun China Philanthropy List ranks the most generous individuals in China and is now in its 15th anniversary.  With no inheritance tax, Chinese give much more generously than many have previously understood. 

 

Two recent lists with an impact include the Hurun China Unicorn Index, ranking the most dynamic businesses with a valuation of US$1bn or more in China; and the Hurun Most Successful University Alumni.

 

In India, Hurun Research has launched the Hurun India Rich List for the seventh time this year, and has an active events business there.

 

 

‘World Authority on the Chinese High Net Worth Individual’

Recent research partners include financial institutions (PingAn, Bank of China, Taikang Life, Minsheng, Citic), local government (Shanghai, Changbaishan) and Global 500 multinationals (Marriott, Country Garden, Agile, Audi, Volvo).

 

Three breakthrough lists this past year: Hurun Good Doctors’ List, a ranking of the 6000 most respected doctors in China, broken down by region and speciality; Hurun Best International Schools List; and Hurun Creative Works Intellectual Property List, in Search of the Harry Potter of China, ranking those online novels with the most valuable IPs.

 

The Hurun Art List ranks the top artists alive today in China for the 12th year and has become a household name amongst artists.

 

 

Media and Events ‘The Hurun brand gets 200 million views a month in China’

The Hurun brand has become one of the few non-Chinese media brands to become a household name across China.

 

Hurun Media monetizes 1 million views a month in China, through its wechat, weibo, website and legacy magazine.

 

Recent themed events include blockchain, fintech and 30 under 30, with industry-respected awards. We deliver 100+ events a year in China, with 200 entrepreneurs from the Hurun China Rich List attending.

 

Investments

Hurun Investments has a portfolio of 20 companies with a market value of US$50 million, with investments into tech, media, design, education as well as a vintage car race and a tailor.

 

For further information, see www.hurun.net

 

 

Download:

Press Release - The Chinese Luxury Traveler 2018 ENG181031.doc

新闻稿:《2018中国奢华旅游报告》181031.doc

Keywords:Chinese Luxury Traveler
Editor:Porsha Pan