Amrita Banta, Managing Director of Agility Research & Strategy, released key research findings from Agility’s 2017 Millionaire report as a Keynote presenter at the prestigious International New York Times Luxury Travel Conference in Singapore on the 1st of December.
The report focussed on Millionaires living in China, Singapore and Hong Kong and included people who have a minimum of $1 million in investable assets. The report covers insights on luxury and travel purchase behaviours and preferences amongst this high net worth segment.
The conference, held at the Grand Hyatt in Singapore, was attended by some of the biggest names in luxury and travel industries, including delegates from airlines and hotels like the Capella Hotel and Four Seasons; and moderated by editors from the New York Times, such as Ching Ching Ni (pictured adjacently) who heads the Chinese version of The New York Times.
Highlights from the report can be found below.
The Travelling Millionaires
Millionaires in China, Singapore and Hong Kong spend much of their money on travel experiences, even more than they do on luxury goods.
While travel aspiration remains relatively steady from 2015, there has been a significant 16% drop in the number of Millionaires who agree to being likely to spend more on luxury goods. In the case of Singapore Millionaires for example, a stark 22% difference can now be seen between future travel aspiration and luxury purchase aspiration. In fact, in the past 12 months, travel makes up 30% of total share of wallet for discretionary items.
Nevertheless, shopping is still high on the list as one of the most popular travel activities together with sightseeing.
Interestingly, skiing is one of the more popular activities on the list. Agility believes that Asian Millionaires are becoming more adventurous in their travel choices and they want to explore new things they’ve never experienced before, so it would make sense that skiing is high on the list.
This is just one of the key insights from the report that will open the door to many new opportunities and markets for brands to tap into; some of the opportunities include more luxury lodges equipped with Chinese speaking employees as well as more marketing and sales of luxury winterwear in Asia.
Furthermore, Amrita revealed that wine tasting has become one of the most popular hobbies of Asian Millionaires. In China, for example, wine tasting goes hand in hand with fine dining, 52% and 51% of them do these as a hobby, respectively.
New opportunities and markets can also be seen from this insight, such as more customized international wine tasting trips and complimentary wine tasting at hotels.
The Millionaire Report contains insights that will help brands and marketers develop new strategies to target a rapidly growing segment that holds the key to growth in an increasingly competitive market. For more information, contact Jason@agility-research.com or visit www.affluential.com