From spacious airplane cabins appointed with the finest amenities to five-star hotels suites bedecked in silk and marble, travellers from Asia Pacific are increasingly seeking out luxurious travel experiences. In fact, findings from our recent report, Shaping the Future of Luxury Travel, indicate that luxury travel in Asia Pacific will grow faster than in Europe between 2011 and 2025 – a pattern indicative of the regions’ economic performance.
China is the engine of Asia Pacific’s economic performance and although its GDP growth slowed from 10.3% in 2011 to 6.9% in 2015, our research suggests that China’s luxury travel market will continue to experience double-digit growth, albeit at a slower pace.
There will be more and more opportunities to cater to the increasingly discerning tastes of China’s large middle class market, which according to McKinsey & Company, will make up more than half of all households by 2020, up from just a tenth of all urban households in 2010.
With all of this in mind, it would be prudent for travel players to really understand the behaviours and motivations of Chinese luxury travellers. Han Bing for example, our latest Travel Lounge participant, says that she prefers a more luxurious way of travelling and shopping for luxury items takes up half of her time when abroad. She also sees travel as a well-deserved treat for her hard work in the office and at home, so she’ll often opt for high-end accommodation with a bit of local flair.
Han Bing falls into the ‘Reward Hunter’ tribe as defined in our Traveller Tribes 2030 research and more specifically she would be a ‘Special Occasion’ luxury traveller according to our Shaping the Future of Luxury Travel report. For them, luxury travel is a treat rather than a given. Despite their relative affluence, they’re seeking ‘wow factor’ experiences and they may be willing to compromise on comfort at certain stages of their journey if it means they’ll get an incredible travel experience.
Check out Han Bing’s Travel Lounge video and be sure to download a copy of our Shaping the Future of Luxury Travel report for more insights. You can also find out what kind of luxury traveller you are via our quiz.