With consumers from greater China willing to spend more on travel than any other luxury category in the coming year, the China Luxury Forecast by Ruder Finn and Ipsos has revealed key differences between luxury travelers from mainland China and Hong Kong.
Mainland Chinese outbound tourists were projected to take more than 110 million outbound trips in 2014. In 2013, nearly 100 million mainland outbound tourists spent $117.3 abroad, spending an average of around $1,206 each, which accounted for nearly 40 percent of luxury goods sales.
Of those surveyed for the China Luxury Forecast, 50 percent of mainland Chinese respondents said they would spend more on travel in the coming year, while 45 percent said their spending would stay the same. Only 38 percent of respondents from Hong Kong said they would spend more on travel, whereas 56 percent said their travel spending would stay the same.
Not only are mainland Chinese travelers more likely to spend more on travel this year than their Hong Kong counterparts, but what they’re spending their travel budgets on is also much different.
Though luxury is becoming a more hands-on experience, the findings in the China Luxury Forecast suggest that Hong Kong luxury travelers are further ahead of their mainland counterparts in embracing experiential luxury.
image source: flickr/epsos.de, ipsos