East2West presents Hurun Report’s report about Chinese HNWI travelers

East2West presents Hurun Report’s report about Chinese HNWI travelers

With the beginning of 2015, East2West would like to expose some of Hurun Report’s facts about Chinese HNWIs travelers. We believe we should be informed about the tendencies in our markets, but we also believe we should share this information with our partners and providers. This article is based on Hurun Report’s 2014 publication about The Chinese Luxury Traveler, in collaboration with ILTM Asia. Hurun Report is a media group headquartered in Shanghai aimed for high net worth individuals. Its report covers many of the areas related to our company, and also includes a new case study on medical tourism in collaboration with DIADEMA.

Here are some of the facts according to Hurun’s Report research:

Number of HNWIs: “there are approximately 8,300 individuals with CNY 1 billion or more in assets in China today, up 200 on 2013. There are 300 individuals with CNY 10 billion or more, 7% more than in 2013. There are about 67,000 individuals with personal wealth of over CNY100 million in China, 4% more on last year. There are 2.9 million individuals with personal wealth of over CNY 6 million in China, 3.6% more on last year.”

Location of the HNWIs: most of them are located in the first tier cities, which are: Shanghai, Beijing, Shenzhen and Guangzhou.

Localización ricos china

 

Lifestyle review:

Leisure: according to the data Dollar Millionaires enjoy 18.5 annual vacation days, whereas Chinese super-rich enjoy 22; both have as favourite leisure activities travelling, reading and tea tasting and both use as their main information source the Internet, especially WeChat, followed by print media. “Swimming remains the preferred sport among Chinese HNWIs, while jogging replaces badminton among the Top 5 preferred sports.” The other favourite sports are golf, yoga and mountaineering.

Deportes favoritos chinos ricos

Health: In general, “70% take regular physical examinations; 60% do not smoke; 60% consume alcohol, of which 40% prefer red wine”; on average, they sleep 6.3 hours on weekdays, sleep 6.7 hours on weekends.

Wealth sources: on average, Dollar Millionaires own 3 cars and 4 watches and Chinese super-rich 4 cars and 5 watches; both have as main sources of wealth their ROI and business ownership/sale.

Marcas de lujo preferidas ricos china

Travelling:

Time: “China’s wealthy are spending over 1/4 of their time on the road (for business purposes) which is on average 8.3 days a month, 0.8 day more than last year.” The proportion of business trips for more than 20 days per month increased to 8%. “China’ s national holidays are 11 days per year, and Chinese HNWIs’ annual holidays are stable at 20 days in 2013.” Last year, China’s HNWIs made four trips (including one business trip) on average, including three domestic trips and one outbound trip. Business travels last on average from 3 till 10 days and annual holidays from 10 till 20 days. Over half of the HNWIs would choose to travel during non-holidays. For traveling during holidays, they mostly do so during the summer and Spring Festival holidays, which account for a combined 75%.

Travel habits: HNWI’s tend to travel in business class when they fly (50% do so). “Among the average tour groups organised last year by the 25 surveyed travel agencies [by Hurun Report], overall average was 30.5 people per group.” 48% were of 3-10 travelers, while 52% were made up of over 10 travelers. “China’ s HNWIs personally spend an average of US$5,500 (excluding airfare) every time they travel abroad. Among them, 53% personally spend US$1,000-5,000 and 5% over US$10,000.” Regarding to the hotel, Chinese generally spend more than average on their rooms, and less on the services the hotel offers. The top considerations they take into account when choosing a hotel are: the location, the brand and the price (in this order). “Shangri-La is still the preferred hotel brand among China’s HNWIs, while Four Seasons, Kempinski and InterContinental are rising quickly in popularity.”

Hoteles y cadenas favoritas ricos china

Travel purposes: sightseeing and culture are the main purpose to travel abroad, but also shopping is very popular. “Accounting for 48% of travel purposes, business travel ranks third, growing at an average rate of 35% in 2013.”

Travel destinations: the most popular one is France, followed by Australia and Dubai. What most of the HNWIs take more into account are the shopping facilities, beaches, the local cuisine and fine wines and the local culture.

 

Bookings: they are usually made by family members, friends or company colleagues, mainly via travel agencies and booking websites. According to Lynn Grebstad, Founding Partner and Chairman at GHC Asia: “The rise of sophisticated, unique and bespoke travel experiences is central to this and the companies that deliver these to China’s increasingly discerning global travelers are the future of the industry in China.

 

Education in a foreign country

 

Time: university is considered the most suitable time to study abroad, according to the study, followed by high school.

 

Destinations: The UK is the favourite destination, with 28.7%, and the USA is the second one, with 26%.

 

Immigration

 

China was the world’s fourth exporter of migrants in 2013, with 9.3 million migrants (according to the United Nations’ International Migration Report 2013). “The US and Canada are still their top choices for investment immigration.“

Health

Chinese HNWIs are increasingly paying attention to health issues. 87% go for regular health checks, and from those, 93% have one once a year. In addition, most of them are paying more attention to diet and love sports. 67% would choose the Chinese medical health care, while 87% would chose the Western. “Among Chinese medical health care products, the most popular is Cordyceps sinensis, followed by propolis, bird’s nest, gelatin and other more expensive tonics.” The most popular Western health care product are vitamins, collagen and cod liver oil. 66% of the super tourists consider medical tourism and 47% tend to choose to go to Europe and the US. The first choice is Switzerland (59%), followed by the US (22%). Of the 28% of tourists tending to choose Asia, the first choice is Japan (44%), followed by Hong Kong (24%). “The main purpose for super tourists choosing medical tourism is convalescence rest (39%), and 34% is for medical checkup.” For the purpose of anti-aging, it reaches 21%, mostly women. When planning medical tourism, they take into account three aspects: the qualifications of the medical institution (41%), the security (33%) and the Chinese speaking chaperone issues (26%). 25% of them send their parents travelling for health issues.

Captura de pantalla 2015-02-03 a la(s) 12.28.18

This is not all the information on the Hurun Report; it is just a sum-up, if you are interested check: www.hurun.net/en/

 

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