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Thoughtful China 168 - China Luxury Travel Trends
Understanding Chinese Luxury Travel Trends, This Week on Thoughtful China
SHANGHAI, CHINA Chinese travelers have become a major force in Asia and beyond, spending over $100 billion on foreign travel in 2012, the first year it surpassed the U.S. and Germany.
For many of these Chinese, travel and luxury consumption go hand in hand. A government crackdown on expensive gift-giving and the deceleration of the Chinese economy, combined with over-saturation by some leading brands within Chinas retail market, have led to slowing luxury sales at home. When those same consumers head overseas, where product selections and prices can be significantly better than back home, they are still spending in high numbers.
The days of tour group travel for Chinas richest citizens are long gone. They increasingly expect customized service and well-planned itineraries put together by luxury travel agencies such as Diadema, Magic Travel and HH Travel. More than half of Chinas super travelers, those who spend more than US$30,000 annually on travel, now make their own hotel bookings, preferring brands like The Peninsula, Mandarin Oriental and Shangri-La, according to Hurun Report.
Chinese now represent 35% of the total consumption of luxury, according to a recent report by tax refund brand Global Blue. Russians came in a distant second place with 13%. Europe was the destination of choice for luxury shopping, with France leading the pack for 22% of respondents, says Hurun.
This week on Thoughtful China, our luxury travel and retail experts Rupert Hoogewerf, Elan Shou, Javier Calvar, Erwan Rambourg and Chloe Reuter share insights about wealthy Chinese travelers, sharing information about travel and tourism trends as well as changes in luxury retail spending and tips to reach consumers through Chinese social media.
Here more about China luxury travel trends and the impact of growing outbound tourism by wealthy Chinese for global retail brands in this weeks episode of Thoughtful China
Normandy Madden - SVP, Content Development, Asia-Pacific, Thoughtful Media Group
Trevor Lai - CEO, Up Studios
Rupert Hoogewerf - Chairman & Chief Researcher, Hurun Report
Elan Shou - Managing Director & EVP, Ruder Finn Greater China
Javier Calvar - Chief Operating Officer, Albatross Global Solutions
Erwan Rambourg - Managing Director & Global Co-Head of Consumer & Retail Global Research, HSBC
Chloe Reuter - Founder & CEO, Reuter PR
Luxury travel and retail experts Rupert Hoogewerf, Elan Shou, Javier Calvar, Erwan Rambourg and Chloe Reuter share insights about wealthy Chinese travelers in this episode of Thoughtful China, sharing information about travel and tourism trends as well as changes in luxury retail spending and tips to reach consumers through Chinese social media.
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China: Room 201, Building 6, 436 Jumen Road, Luwan District, Shanghai, China
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