The number of Yuan millionaires in China has crossed the one million mark. With such a large number of people with high disposable income, China has become an important market for companies that provide luxury travel solutions. Hurun Report Inc, a leading publishing group which has become famous for its China Rich List is also affiliated to the high end travel fair the International Luxury Travel Market. Hurun has recently released a survey report that helps you understand the Chinese luxury consumers. The study is based on interviews with 463 Chinese millionaires and billionaires. The most basic difference between the Chinese millionaires and those in Europe and America is that their average age in China is 39 as compared to 50 in the developed economies.
Richard Chang, general manager of Visa Inc Greater China pointed out that the rapid growth of the economies in the Asia Pacific region is throwing up more high net worth individuals than the rest of the world. The luxury consumers in China are maturing fast. They have mostly lost interest in major cities in Europe and the US and are keen to seek authenticity, simplicity, and a commitment to local environment with customized services. Keeping this in mind Orient-Express Ltd launched a series of three- or six-night rail journeys this year, connecting travelers through Thailand, Malaysia, Laos and Singapore, with an in-depth travel experience.
Starwood Hotels & Resorts Worldwide Inc takes care to provide modern interior design and iPad-friendly facilities in the bedroom, so as to appeal to the younger, more globally exposed travelers. Another major finding of the study is that nearly 60% of the rich decide on travel destinations and book reservations themselves. Chinese luxury travelers also exhibited distinct loyalty. Shangri-La remains the most popular hotel brand among Chinese billionaires. While deciding on a hotel, the Chinese give maximum importance to the brand followed by service, facilities and locations. The relatively smaller brands have rolled out their campaigns to build awareness in the country to be able to corner a bigger share of the substantial market.