On average, a high net worth individual (HNWI) in China has been to 10 countries, according to a Hurun Report. Chinese HNWIs travel abroad 3 times per year. Each trip takes 10 days and costs about 50,000 yuan.
The number of ultra high net worth individuals (UHNWI) in China reached 1.34 million, an additional 130,000 compared to 2015 as of May 2016 according to Hurun Research.
The top 5 outbound travel destinations of China’s HNWIs in 2016 are the U.S. (leisure, investment, education, business), Japan (shopping and food), Maldives (honeymoon, leisure), Australia (island scenery), and France (shopping paradise).
Air China and Singapore Airlines are the favorite domestic and foreign airlines respectively.
The most expected overseas region to visit is Europe among Chinese HNWIs in the next three years.
HNWIs in China travel abroad three times a year. Over half surveyed travel no less than 3 times per year; 12.7% more than 5 times.
HNWIs in China each on average spends about 10 days per trip or 30 days per year on overseas trips.
The top purpose of HNWIs’ overseas traveling is for leisure (85.2%). Investment research, shopping & food, and research for children education are also among the top purposes.
Chinese HNWIs are used to obtain overseas travel information via family & friends, and travel agencies.
Local food, shopping, places of interest, cultural environment, and safety are the top factors for Chinese HNWIs planning overseas travel itineraries.
HNWIs in China have experienced travelers, each of which has been to 10 countries.
The U.S. is the most popular destination with 74.9% of HNWIs been there.
The top 10 favorite countries of China’s HNWIs travelers are the U.S., Japan, Maldives, Australia, France, Switzerland, Canada, UK, Italy, and Germany.
China’s HNWIs overseas traveling can be split into three categories: adventure tourism, family trip, and study and culture exploration.