February 7, 2017
Luxury hospitality brands are likely to expand further into Asian markets now that the region's local consumer base has a stronger interest in Asia Pacific travel, according to Travelzoo.
About 70 percent of Chinese consumers for the study showed interest in traveling abroad at least two times a year. Hong Kong travelers that intend to take more than four trips within this year make up 30 percent of consumers.
"Despite the upheavals of 2016, we see a clearly increased level of travel interest from Asian tourists," said Vivian Hong, president of Travelzoo Asia Pacific. "Thanks to Asia's ascendancy in the global economy, consumer confidence in Asia remains strong and it's reflected in the travel industry.
“This is especially the case for China,” she said. “China is witnessing a generation of millennials that is becoming the dominant force in leading the travel wave.
“Most of them are married and have children now. They love to spend more of their disposable income on a sunny beach holiday with their family."
Traveling abroad
The number of Chinese consumers looking to travel abroad more than twice this year has increased by ten percent compared to last year. Travelzoo also saw a 5 percent increase in Hong Kong consumers that are planning on traveling more than four times a year.
Luxury travel
There was an 11 percent increase in those willing to pay more than RMB 600 on a hotel compared to last year and 10 percent in those willing to spend RMB 14,000 on the entire trip.
Luxury travel is clearly on the rise in Asian consumers, with a 5 percent drop in interest for budgeted travel but the number of interested in high-end travel tripled.
It is more than just luxury travel that is on the rise. Emigration from China is now the lowest the country has seen in five years and 90 percent of Chinese millionaires are more confident in the nation's economic development, according to another report from Hurun.
The report, Chinese Luxury Consumer Survey and Hurun Best of the Best Awards 2017, shows that Apple, Cartier, Chanel and L.V. Moutai are the top five gifts for the Chinese New Year. Real estate moves into the most popular spot for favored investment because of the booming housing market in China (see more).
Tourist reports
Japan is the leading destination from Asian tourists, with Australia following at second. Australia is within the top ten travel destination choices from consumers from almost all Asian countries or region.
Luxury travel
This is the first year that a Western Europe destination did not make within the top five most popular from Asian countries due to safety concerns. As per the decision behind Australia being a top choice, 65 percent Chinese consumers cited that it was more safe.
British real estate was poised to be the winner during China’s Golden Week this year, with a 46 percent increase in enquiry rates on listed properties prior to the holiday, according to Investorist.
During the week-long holiday that took place in China during the first week of October, a rush of Chinese buyers were expected to travel to the United Kingdom to purchase property. Manchester and London were likely to be the prime locations for real estate purchases during the holiday (see more).
"Asian travelers are becoming much more sophisticated," Ms. Hong said. "They used to travel primarily for fast-paced sightseeing and luxury shopping.
"In the past few years, we saw a rapidly growing number of Asian tourists who prefer a more personal and in-depth travel experience," she said. "They value natural explorations and cultural experiences the most when they travel in-depth, for which Australia and Japan are perfect destinations."
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