“Let me tell you about the very rich. They are different from you and me,” wrote the novelist F. Scott Fitzgerald in a 1925 short story, Rich Boy, adding “They possess and enjoy early.” Some 90 years after its publication in the then-popular magazine, Red Book, rich Chinese Millennials seem determined to prove Fitzgerald right.
Hurun, the firm that follows and reports on wealthy Chinese, has just issued its “Chinese Luxury Traveler 2016” report, which focuses on the dimensions and preferences of wealthy Chinese Millennials (those aged 18 to 36). After surveying 525 respondents in this demographic who have an average personal wealth of 38,770,000 yuan ($5.8 million), the study found that this group is expected to seek an increasingly diverse range of travel experiences in the coming years. Just as important, the Hurun found that the USA is one of the top five in the list of favorite travel destinations of these travelers.
Some points highlighted in the report on wealthy Millennials include the following:
—Their top reason for traveling in the past year was “leisure” (82 percent).
—The next most cited reason was “exploring the world” (40 percent).
—International trips are predicted to rise by 25 percent over the next three years, while “adventure,” “polar expedition,” and “road trip” travel will increase by 52 percent, 38 percent, and 75 percent, respectively, during this time.
—Even with the popularity of the above, wealthy Millennials are still highly interested in embarking on shopping-filled luxury leisure trips to Paris and Tokyo, taking one every three to four months.
—They spend about $65,000 a year on travel and budget around $34,000 on travel shopping.
—A total of 61 percent of respondents had been to Europe in the past year and 65 percent plan to visit within the next three years.
—Japan was their most-visited location during Chinese New Year this year, and survey respondents also listed it as their most “memorable” destination of 2015.
—A total of 42 percent of respondents say personalized service is the biggest area of consideration when choosing a hotel.
—41 percent listed room cleanliness.
—They prefer hotel brands featuring “art and design that make the travel experience feel unique and fun,” while demanding
—They want high-tech digital equipment available, including WiFi (73 percent) and smart TVs (55 percent).
—WeChat accounts nearly half (48 percent) of travel researching by rich Millennials, while word-of-mouth through WeChat friends accounts for 47 percent,
42 percent of the group use Chinese travel booking sites—the three most popular are Ctrip, Qunar, and Tuniu.
—Those choosing to use travel agency when booking a trip still demand an individualistic touch, as a total of 70 percent of respondents listed “personalized service” as their number one criteria for choosing a travel agency, followed by expertise (57 percent) and itinerary planning (54 percent).