The State of the Chinese Luxury Market
Affinity China has unveiled some amazing statistics in a recent study of the Chinese luxury consumer that point to not just the growth of the luxury sector in China, but also the global reach of the affluent Chinese.
- The average age of the Chinese luxury consumer is 20 years younger than consumers in the US or Japan
- In 2010 there were over 1 million millionaires in China, up from just 300,000 just four years before
- In 2010, Chinese travelers made 57 million trips abroad. That number is expected to be 100 million by 2015
- More than 50% of the luxury goods purchased by Chinese are bought while they are traveling overseas
- On average, Chinese travelers spend $7,000 each when traveling
There are more fascinating factoids contained in this short video overview of the Chinese market.
For more on Chinese luxury travel market, including how to target and host this growing demographic at your hotel, please read my previous post “Travel Trends for Chinese Millionaires“.