Hurun Report publishes ‘The Chinese Luxury Traveller 2017’ in association with ILTM Asia

Hurun Best Outbound Luxury Travel Agencies 2017

l  60% of outbound luxury travellers willing to spend more than 3,000 yuan for a room night and travel business class or first class

l  Adventure travel is the theme of choice for the three years.

l  Beach holidays on the rise, becoming a travel theme last year

l  Luxury travel agencies flourish. Customized travel services have begun to spread, with more than half of high-end travellers said they have experienced it

Eight Key Findings

1.  Travellers prefer adventure tourism, it will be the luxury travel trend in the next three years.

Around World Travel, polar exploration, and outdoor adventures are themes for the Chinese luxury traveller in the next three years. Compared to the dominance of travelling for leisure in the past few years, this year, there is a marked increase in the Chinese luxury travelling for adventure. It should be noted that the Post-80s generation has displayed an increased interest in Africa and the Polar Regions, with numbers rising from 23% and 17% last year to 36% and 32% respectively this year.

2.  The seasons significantly influence traveller’s choice of destination.

The time of year has a large bearing on the choice of location. In summer and autumn, the Post-80s luxury travellers possess a marked preference for island-hopping, with Phuket (27%), Maldives (18%) and Fiji (16%) and China's Sanya (16%) are the most popular choices. In winter and spring, Australia (16%) and Phuket (18%) are popular among sun-worshippers, while ski enthusiasts flock to Japan (32%), Canada (8%) and Switzerland (7%) also are traveller’s most likely destination.

3.  Island with Beach was the dark horse of vacation themes last year.

Although Leisure at 41% was still the most popular vacation theme, polar exploration and outdoor adventures have continued their momentum from the past two years and rank second (31%) and fourth (20%) respectively. As a new option in this year’s study, island holidays were the dark horse of vacation themes and surpass both cruises (13%) and self-drive holidays (14%) and other traditional modes of travel to rank third. Island holidays are especially popular among the Post-80s generation and rank first with almost fifty percent (46%).

4.  Europe and Southeast Asia are the outbound destination of choice.

Last year, Europe and Southeast Asia have grown in popularity as a destination accounting for 45% and 44% of respondents respectively. In just two years, Southeast Asia has successfully surpassed the Americas become the Chinese luxury traveller’s new choice, displaying a shocking 34% increase in millennial favour and jumping from last year’s fourth place to take the crown this year. Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher said: “In the past years, Chinese luxury travellers have gone abroad an average of 3.3 times and stayed for an average of 27 days, with tourism increasing 5% to reach 69%”.

5.  Hotels.

1)  Luxury hotels are still the first choice for China's luxury travellers. The Ritz-Carlton and Four Seasons hotels are the most popular choices, ranking first and third. Boutique hotels are increasingly favoured, with Banyan Tree jumping from sixth place last year to fourth place this year, while Aman entered the top ten in seventh place. Hilton wins the “Most Popular Luxury Business Hotel” title, with Shangri-La, Sheraton, and top ten newcomer Marriott following closely after. The hotel of the most luxury traveller members is also The Ritz-Carlton, with the popularity of the brand experiencing a 19% increase over the last two years, taking the crown from Hilton. In the same two years however, Marriott drop from second to sixth. Rupert Hoogewerf said, “Compared to airline memberships, hotel memberships do not hold as much value”.

2) At 81%, resorts are overwhelmingly popular among luxury travellers and are their favourite type of luxury accommodation. Business hotels (18%), bed and breakfasts (9%), and apartment hotels (6%) are also preferred, but by a much smaller margin of travellers.

3) 60% outbound luxury travellers spend more than 3,000 yuan per night. 32% of luxury travellers have accommodation budgets of over 5,000RMB per night. Humanized Service is the most important consideration, followed by a good view of the room.

4) At 56%, local cuisine is the most popular hotel restaurant cuisine option for Chinese luxury travellers. Japanese and Cantonese cuisine follow after by 32% and 31% respectively. French cuisine, Italian cuisine and Sichuan cuisine are all topped the list ten, while the Korean cuisine and hot pot did not in top ten.

5) Private dining room is receiving more attention as venues for private banquets and business dinners.

6) Accommodation sharing is still in its early stages in the luxury market. Private home-stay options like Airbnb are selected by only 25% of respondents, trailing behind the boutique hotel (48%) and the cruise (45%). 69% of respondents remain neutral or will not explore home-stay in the next three years.

6.  China's luxury travellers are placing a higher premium on comfort when they travel.

61% of respondents, on their most memorable trips, travelled in business or first class. Air China has the most popular membership scheme among domestic airlines (54%), with China Southern Airlines (22.4%) and Cathay Pacific (21.9%) coming in after. Among foreign airlines, Emirates and Singapore Airlines both run ahead of the pack at 23% and 22% respectively, benefiting from their reputations for offering both cost-effective and high level services. The fact that Singapore and Dubai airports are such important hubs for flight transfers also contribute to their popularity.

7.  Customized travel services start to spread, with agencies placing a strong emphasis on the quality of travel itineraries to retain customers.

More than half of luxury travellers (58%) said that they have experienced customized travel services. They are partial to travel agencies that provide well-designed itineraries, personalized services, and are actively problem-solving, placing 59%, 55%, and 49% of emphasis on each aspect respectively. The emphasis placed on problem-solving ability of travel agencies has experienced an 11% increase in two years. Agencies in “Hurun Mainland China Outbound Luxury Travel Agencies 2017 Top 12” ranking include 8 Continents, Diadema, D-Lux Travel*, CITS Amex, HHtravel, My Tour, Magic Travel, Ctrip, Zanadu, CITS, CTS, and CYTS. Agencies in the “Hurun Hong Kong Outbound Luxury Travel Agencies 2017 Top 6” include Wincastle Travel Limited, Cathay Pacific Holidays, Charlotte Travel*, American Express, Swire Travel, and Westminster. Agencies in the “Hurun Taiwan Outbound Luxury Travel Agencies 2017 Top 6” include One Style Tour*, Seascape Escape, Let’s Travel*, American Express, International Travel Information Services, and Lion Travel. (In alphabetical order, *new to list).

8.  Travel retail. While on holiday, Chinese luxury travellers like to purchase cosmetics (45%), local produce (43%), bags and suitcases (39%), clothes and accessories (37%), and jewellery (34%). Other than local produce, the four other most popular purchase categories are all dominated by female consumers. Compared to numbers two years ago, there is a noticeable increase in the percentage of travellers who bought cosmetics. With regard to the purpose of the purchase, 76% of purchases are personal, while 47% of purchases are gifts, and 4% are purchased on the behalf of others.

(June 5^th, 2017 Shanghai) Hurun Report and International Luxury Travel Market Asia (ILTM Asia) today released The Chinese Luxury Traveller 2017, a 26-page report on the travel model, retail and trend of the Chinese luxury high net worth individuals.

Hurun Research Institute carried out the survey between March and May in association with three of China’s leading luxury travel agencies: Diadema, Magic Travel, HHtravel and 8 Continents.

The respondents to this survey are drawn from the ranks of China's high-end tourists, comprised of 334 aggregate samples from 12 mainland Chinese cities, including the first-tier cities Beijing, Shanghai, Guangzhou, and Shenzhen, and the second-tier cities Tianjin, Nanjing, Hangzhou, Chengdu, Chongqing, Qingdao, Dalian, and Fuzhou. Respondents average 42 years of age and 41% are male, with per capita wealth of nearly 22 million yuan. 41% of them are male. Their wealth mainly comes from investment (49%), salary (37%) and company ownership (21%). 70% of them are married, and half have one child, while 27% have two. On average, they have worked or studied abroad for 1.4 years. They were more enthusiastic about shopping on their travels than in 2015, with 220,000 yuan of their average travel budgets of 380,000 yuan devoted to retail therapy, up 57% year-on-year.

Hurun Report, ILTM and GHC Asia also partnered to survey the most popular luxury travel agencies for overseas travel. From April to May 2017, senior management from 56 luxury hotels around the world were surveyed and posed the question, “In your opinion, what are the three best Chinese (including the mainland, Hong Kong, and Taiwan) travel agencies for overseas travel?”

This survey finds that outbound travel remains popular, with Europe and Southeast Asia being preferred destinations and island holidays being the biggest dark horse in overseas travel trends last year. Resorts were the most popular type of luxury accommodation and had an average cost of nearly 3,800 yuan per night, with 32% of hotels charging more than 5,000 yuan and 60% more than 3000 yuan per night. The quality of service provided was the most important factor when it came to choosing a hotel. The hotel’s private dining facilities have also received attention, and local cuisine was the most popular style of cuisine in hotel restaurants. Accommodation sharing is still in its infancy in the high-end market, as private home-stay options like Airbnb are only used by 25% of respondents. Customized travel services are becoming popular, with agencies placing a strong emphasis on the quality of travel itineraries to retain customers. Luxury travel trends in the next three years show a rise in the adventurous spirit of tourists. The seasons have a significant impact on the choice of destination. Cosmetics, local produce, bags and suitcases, clothes and accessories, and jewellery were the Chinese luxury travellers’ favourite purchases.

Rupert Hoogewerf said: “Sixty percent of high net worth Chinese families are now willing to pay 3000 yuan for a night on hotel accommodation and fly business or first class, impossibly high figures compared with a decade ago.  Hurun Report is delighted to partner with ILTM Asia, a pioneer in the global luxury travel industry, for the seventh consecutive year to release “The Chinese Luxury Traveller”, exploring the future trends of the luxury travel industry market”.

ILTM Portfolio Director, Alison Gilmore added, “ILTM Asia welcomes the most valuable luxury travel agents from 18 of Asia’s most important source markets to meet with the world’s very best luxury travel providers. We are delighted to once again partner with The Hurun Report in their production of The Chinese Luxury Traveller 2017 highlighting the increasing demand for global luxury travel experiences from high net-worth consumers in China, as well as the increasing importance of customised luxury travel agencies in the region.”

Lynn Grebstad, Founding Partner and Chairman of GHC Asia, said: “Hurun Report continues to be an invaluable source of research into the habits and preferences of China’s affluent travellers. And with things changing so fast as this vast outbound travel market continues to evolve and mature, this annual update is an essential tool in helping us to advise and service our luxury travel and hospitality clients looking to this market for business.”

1.      Analysis of future travel trends

Travel trends for the next three years:

Around World Travel and polar exploration are the most anticipated travel trends for Chinese luxury travellers in the next three years, accounting for 43% and 36% of respondents, while outdoor adventure (26%) follows immediately behind. In contrast with data from two years ago, luxury travellers are expanding their horizons, travelling not only for leisure but also to satisfy their individual tastes. This includes island-hopping and culinary tours or wine-tasting, both of which make an appearance in the top ten anticipated travel trends ranking.

Young luxury travellers still love Island with Beach, with 30% of respondents expecting to go on an Island with Beach travel in the next three years. As new additions to the list, culinary tours and wine-tasting trips along with art and culture tours are also well-received by the Post-80s generation, ranking fourth (27%) and seventh (16%) respectively. Last year’s favourite—cruise trips—drop out of favour by 14% and now rank eight.

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

↑ Ranking up   ↓ Ranking down  - no change  * New to the Top 10

Travel destinations for the next three years:

Europe, a classic destination, remains first at 49% with the Americas (38%) and Africa (37%) following in second and third place. For the Post-80s generation, Europe is still the most sought after destination (46%), but there has been a 19% fall in numbers from last year. In contrast, Africa (36%) and the Polar Regions (32%) have experienced a 13% and 15% surge in popularity, coming in at third and fourth place.

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

↑ Ranking up   ↓ Ranking down  - no change

Activities respondents would like to try in the next three years

Horseback riding, surfing, and sailing are the top three activities high net-worth individuals would like to try the most in the next three years. Art collecting comes in at fourth place, paragliding in fifth, while other activities on the list include marathon running, rock climbing, bungee jumping, and fasting.

Source: Hurun Best of the Best – Chinese Luxury Consumer Survey 2017

↑ Ranking up   ↓ Ranking down  - no change

Popular travel destinations in the summer and fall

Many luxury travellers choose to beat the heat on Island with Beach, whether that is in Phuket (27%), the Maldives (18%), Bali (12%), Fiji (13%), Hawaii (10%), or Sanya (16%). The Post-80s generation seems to echo these sentiments, as all seven ranked destinations are islands, with the Maldives and Thailand’s Phuket in first and second place.

Respondents have been to their destinations of choice an average of six times, and they plan to return to their favorite locations twice in the next three years. Respondents prefer to travel with family or friends, with an average of three people per trip. There is no strong preference for Economy (48%) or Business (45%) class, as ticket price is a concern in shorter excursions.

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

Popular travel destinations in the winter and spring

In the cool, drier spring and winter seasons, the Post-80s generation and other generations alike rank Japan, Thailand, and Australia in their top three. With high net-worth individuals recently displaying an increased interest in sports and outdoor adventures, skiing has become a favourite in the winter months. Japan (32%), South Korea (10%), Canada (8%), and Switzerland (7%) are all home to world-class ski resorts. For luxury travellers who do not enjoy extreme sports, escaping the cold remains an important reason for travel; Thailand (18%), Sanya (12%), Australia (16%), and New Zealand (9%) are all good choices for this purpose. Thailand’s Phuket is the only destination to be on both the Summer/Fall and Spring/Winter lists. 

A higher percentage of travellers (20%) choose to travel First Class in the spring and winter as travel destinations tend to have longer flight times, thus comfort becomes a necessity instead of an option.

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

Preferred travel destination overall

Maldives was crowned the preferred international luxury travel destination.

Domestically, Sanya is still the number one preferred luxury travel destination for the seventh consecutive year.

Source: Hurun Best of the Best – Chinese Luxury Consumer Survey 2017

↑ Ranking up   ↓ Ranking down  - no change  * New to the Top 15

Market for customized travel services expanding

The market for customized travel services will expand among Chinese luxury travellers in the future. 40% of respondents express their wish to use customized travel services in the next three years, while only 10% prefer the more traditional guided group tours.

In the next year, 59% of respondents still do not have pre-planned holidays. Those who plan to travel during the October National Holiday (22%), the summer (18%), and Chinese New Year (17%) are in the minority. For domestic luxury travellers, whether or not the destination is visa-free is not a primary concern (77%). The Post-80s generation hope to travel an average of 3.2 times in the next year.

2.    Modes of Travel for the Chinese Luxury Traveller

Island with Beach become last year’s dark horse

Travelling for leisure at 41% remains the most common mode of travel for the Chinese luxury traveller. Polar exploration and outdoor adventures continue to grow in popularity and rank second (31%) and fourth (20%). As a newly added option this year, Island with Beach at 23% have become a dark horse in travel trends, surpassing cruise trips (13%), Roadtrip (14%), and other traditional modes of travel to rank third. Island with Beach show even more popularity with the Post-80s generation and rank first with 46%. According to the Hurun Institute survey, surfing is one of the activities that the high net worth people want to try in the next three years.

Travel themes in the past year

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

↑ Ranking up   ↓ Ranking down  - no change  * New

Enthusiasm for overseas travel continues, Europe and Southeast Asia favoured

The 334 individuals surveyed take an average of 3.3 overseas trips annually, adding up to 27 days, of which tourism accounts for 69%. Compared with numbers from 2015 and 2016, respondents spent fewer days travelling abroad, but the proportion of time devoted to tourism increased by 5%, demonstrating its undiminished importance.

In the past year, Chinese luxury travellers show a strong bias towards Europe (45%) and Southeast Asia (44%). In just two years, Southeast Asia has successfully overtaken the Americas to become the new fan-favourite and is even more popular among the Post-80s generation, jumping from last year’s fourth place to this year’s first with a stunning 34% increase.  

The Ritz-Carlton is the Best Luxury Hotel Brand and has the Most Popular Membership Scheme

In the past year, The Ritz-Carlton became the “Best Luxury Hotel Brand” while Banyan Tree follows in second. Newcomers to the top ten list include Fairmont, Aman, and other boutique hotels. Hilton wins the title of “Best Upscale Business Hotel Brand” while Shangri-La, Sheraton, and Marriott follow. Wanda Hotels & Resorts enters the top ten list for the first time.

Source:  Hurun Best of the Best – Chinese Luxury Consumer Survey 2017

↑ Ranking up   ↓ Ranking down  - no change  * New to the Top 10

The hotel with the most luxury traveller members is also The Ritz-Carlton. The Ritz-Carlton’s popularity has arisen by 19% from two years ago and steals the crown from Hilton. Marriott has fallen to sixth place from its place in second in 2015. There is no noticeable change in the way the Post-80s generation choose hotel memberships. 

Most Popular Luxury Hotel Memberships

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

Resorts are the Most Popular Style of Luxury Hotel

With 81% of the vote, resorts are the most popular style of luxury hotel. Business hotels (18%), bed and breakfasts (9%) and apartment hotels (6%) received significantly lower preference rates.

Luxury travellers have an average accommodation budget of around 3,800 yuan per night, while 32% have a budget of over 5,000RMB per night. Great service is the main point of consideration, while whether or not the room has a good view is another.

The Chinese luxury traveller have an average accommodation budget of around 3,800 yuan per night. There is also a slight 7% increase in the accommodation budgets of the Post-80s generation, coming in at around 3,325 yuan per night. 32% of luxury travellers have accommodation budgets of over 5,000 yuan per night.

At 49%, provision of personalised service is the most important factor for luxury travellers when choosing a hotel. Second to sixth place are all hardware factors that can be divided into requirements for the room itself: a good view (48%), clean facilities (44%), comfortable bedding (34%); and requirements for the hotel as a whole: good location (44%) and good style (36%). Word of mouth recommendations (17%), value for money (15%) and membership benefits (10%) are of secondary concern to most luxury travellers.

Factors Considered When Choosing a Hotel

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

Local cuisine is the most popular style of cuisine

Local dishes (56%) are the cuisine of choice for Chinese luxury travellers, followed by Japanese and Cantonese fare with 32% and 31% respectively. Cuisines that rank in the top ten include French, Italian, and Sichuan, while hotpot and Korean cuisine did not make the list.

Private Dining Facilities are Increasingly Prioritised for Private Banquets and Business Dinners

The percentage of travellers who consider a hotel’s private dining facilities to be important and very important have surpassed those who consider private dining facilities to be unimportant and very unimportant (53% vs. 47%). Chinese luxury travellers mainly use a hotel’s private dining facilities to host private banquets (68%), business banquets (24%), and business dinners (19%).

Accommodation sharing still in its early stages of development

Chinese luxury travellers have not been affected by the popularity of accommodation sharing. Private home-stay options like Airbnb are selected by only 25% of respondents, trailing behind the boutique hotel (48%) and the cruise (45%), two much more traditional vacation accommodations. 69% of respondents say they are ambivalent towards or will not explore home-stay options in the next three years.

Alternative Modes of Accommodation (Other than Hotels)

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

Air China and Emirates are the most popular domestic and international airlines respectively

When choosing airline memberships, Air China has been an overwhelming favourite (54%) for three consecutive years, with China Southern Airlines (22.4%) and Cathay Pacific (21.9%) coming in after. Among foreign airlines, Emirates and Singapore Airlines both run ahead of the pack at 23% and 22% respectively.

Customized travel services are experiencing a surge in popularity, with agencies placing a strong emphasis on the quality of travel itineraries to retain customers

More than half of luxury travellers (58%) have experienced customized travel services. 55% of travellers report that the provision of such services is why they choose one agency over another.

Luxury travellers are partial to travel agencies that provide well-designed itineraries, personalized services, and are actively problem-solving, placing 59%, 55%, and 49% of the emphasis on each aspect respectively. The emphasis placed on the problem-solving ability of travel agencies has experienced an 11% increase in two years.

The things that respondents felt least satisfied with include poorly-organised itineraries (29%), bad food (24%), and tour guides not meeting expectations (21%).

Reasons why agencies are favoured and aspects that are not satisfactory

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

Hurun Best Outbound Luxury Travel Agencies 2017

Agencies in the “Hurun Mainland China Outbound Luxury Travel Agencies 2017 Top 12” ranking include 8 Continents, Diadema, D-Lux Travel*, CITS Amex, HHtravel, My Tour, Magic Travel, Ctrip, Zanadu, CITS, CTS, and CYTS. (Agency names are listed alphabetically; * denotes newcomers).

Agencies in the “Hurun Hong Kong Outbound Luxury Travel Agencies 2017 Top 6” include Wincastle Travel, Cathay Pacific Holidays, Charlotte Travel*, American Express, Swire Travel, and Westminster. Agencies in the “Hurun Taiwan Outbound Luxury Travel Agencies 2017 Top 6” include One Style Tour*, Seascape Escape, Let’s Travel*, American Express, International Travel Information Services, and Lion Travel. (Agency names are listed alphabetically; * denotes newcomers).

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

*Agency names are listed alphabetically

Last year’s most memorable travel destinations

For their most memorable travel destination last year, a staggering 13.5% of respondents chose Antarctica, while the United States (7%) and Fiji (6%) followed. In the past three years, Antarctica has ranked first consistently. Fiji is new to the list and shows the Chinese luxury traveller’s bias towards Island with Beach. Thailand, particularly Phuket, holds a special place in the heart of the Post-80s respondents, surpassing last year’s favourites Japan and France, as their destination of choice. Japan, South Korea and Europe all showed sharp declines among this demographic, as the Post-80s generation look beyond traditional destinations in pursuit of exotic new adventures.

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

Over a third (37%) of respondents experienced their most memorable trip with their family or friends. The average number of travel companions was three. The average number of days spent on this trip was 10. Over a third (37%) of respondents do not have pre-planned holidays. Those who plan on travelling during national holidays usually prefer the Chinese New Year holiday (24%).

Travellers prefer to fly business class (48%). When planning travel itineraries with travel agencies, over half of travellers prefer fine-tuned packages (27%) or fully-customizable packages (23%). Standard packages fell from 2015’s 37% to 26%, as they are increasingly unable to fulfill the needs of luxury travellers, 64% of which prefer to decide their travel destination.

3.    Travel expenses of the Chinese luxury traveller

Luxury Travellers Like to Buy Cosmetics and Local Specialties

The average luxury traveller has an annual family consumption budget of 1.73 million yuan, of which travel expenses take up 22% of this total, coming in at around 380,000 yuan. On their travels, respondents spend an average of 220,000 yuan shopping.

Chinese luxury travellers like to purchase cosmetics (45%), local produce (43%), bags and suitcases (39%), clothes and accessories (37%), and jewellery (34%). Other than local produce, the four other most popular purchase categories are all dominated by female consumers. When compared to numbers two years ago, there is a noticeable increase in the percentage of travellers who bought cosmetics. With regard to the purpose of the purchase, 76% of purchases are personal, while 47% of purchases are gifts, and 4% are purchased on the behalf of others.

Items purchased on trips

Source: Hurun Research Institute Chinese Luxury Travel and Lifestyle Survey 2017

Travel products are one of the most common gift categories being given today

Travel has always been the favourite leisure activity of the high net-worth community, though it has been surpassed once in 2008 by swimming. Travel products are one of the most common gift categories given today. According to the Hurun Research Institute, travel products rank among the top ten when it comes to best gifts for men under 20,000 yuan; among the top five when it comes to best gifts for women under 20,000 yuan; and in second place when it comes to gifts for the elderly, falling just short of health products.

(According to the “Hurun Best of the Best – Chinese Luxury Consumer Survey 2017”)

High net-worth individuals’ interest in purchasing second homes  

In the past year, high net-worth individuals’ interest in purchasing second homes has increased drastically by 60%. Over a quarter of respondents prefer to buy second homes in Sanya, while 8% of respondents prefer the second-place location of Hangzhou. 7.7% of respondents prefer Yunnan, coming in at third place. There is a marked increase in those who prefer to buy second homes overseas, from last year’s 20% to this year’s 33%. Of the 33%, 15% prefer European locations while 12% prefer North American locations.

(According to the “Hurun Best of the Best – Chinese Luxury Consumer Survey 2017”)

Scale of the Chinese high-end consumer market

According to data collected in May of 2016 by the Hurun Research Institute, there are approximately 3,380,000 individuals in mainland China with 6 million yuan in assets. There are approximately 1,340,000 millionaires, 89,000 billionaires, and 57,000 individuals with assets totalling 30 million USD. As the “2016 Hurun Rich List” reveals, 2,056 individuals have assets valuing 2 billion yuan and above. If the “hidden billionaires” are included, mainland China has around 6,000 individuals with assets totalling 20 billion yuan and above. The “2017 Hurun Global Rich List” shows China surpassing the United States for amount of billionaires for the second time, with 609 individuals owning over a billion USD in assets. Of the 609, 501 are in mainland China, 72 in Hong Kong, 1 in Macau, and 35 in Taiwan. Beijing also surpasses New York City for the second time to become the city with the most billionaire inhabitants. If the “hidden billionaires” are also included, China has around 1,200 billionaires with over a billion USD in assets.

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About International Luxury Travel Market Asia (ILTM Asia)

ILTM Asia 2017 (www.iltm.com/asia) is an invitation-only global event where the suppliers of the world’s best luxury travel experiences meet the approximately 500 buyers representing Asia Pacific’s fast growing and sought after market of luxury travellers.  Taking place in Shanghai from 5 - 8 June, a large number of the agents from over 20 countries - including Australia, China, Hong Kong, India, Indonesia, Japan, the Philippines, Singapore and Thailand - who will be hosted at this year’s event will be new to the ILTM Portfolio.

About Hurun Report Inc.

Nobody Knows China’s Rich Better!

Established as a research unit in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc. has grown into a leading research house, media and lifestyle investments business based in Shanghai, China, best-known for its rankings of the richest people in China, India and the rest of the world.

Hurun Report Inc. has four divisions: Hurun Research Institute; Hurun Media; Hurun Conferences and Training, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Lifestyle and Investments, with investments in education, interior design, horses, customized  tailoring, media and retail.

For further information, see www.hurun.net

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