While Chinese luxury consumers still love to shop for their Chanel and Hermès handbags, a new report finds that they?re continuing to allocate a growing portion of their leisure spending to luxurious experiences such as travel and spa treatments.
A Hermès store in Shanghai. While many Chinese luxury consumers still plan to spend more on luxury goods this year, more plan to increase their travel spending. (Shutterstock)
According to Ruder Finn?s annual ?China Luxury Forecast? survey released yesterday in partnership with Consumer Search Group (CSG), more affluent mainland Chinese consumers plan to up their spending on travel than on luxury goods this year, marking the second year in a row this has been the case. A total of 53 percent of mainland Chinese respondents plan to spend more on luxury travel in the coming year, a rate that?s up from 50 percent last year. Meanwhile, 42 percent plan to spend more on luxury goods across all categories, which is the exact same rate as that on last year?s survey. The survey of 1,341 consumers with an average annual income of RMB 833,509 (US$127,825) found that Chinese tourists are also highly interested in non-shopping activities and experiences when they travel?74 percent of mainland respondents said they like to visit the spa while traveling, making it the number one preferred travel activity for this group. Meanwhile, 55 percent listed dining, and 52 percent listed beach activities.
Luxury brands are likely relieved to know that thi...