Can anyone ignore China's Gen Y?
Chinese Gen Y Luxury Travel Report
The annual Hurun Luxury Travel Report has just been published and makes compelling reading for any consumer and service brand. It underlines that the first generation of Chinese capitalist consumers are now the engine of growth for any upper scale product or service provider, anywhere across the globe.
Chinese Generation Y travelers (born after 1980) spend on average US$65,000 on tourism per household, per year, and an average of US$34,000 on tourist shopping. They have been abroad 3.3 times in the past year for approximately 25 days to an average of 13 countries.
They are travelling the globe, seeking ever more sophisticated life experiences and should increasingly become the focus for luxury and upper scale brands in the design of product and service experiences.
How long before the young affluents of the western world are following the trends set by the Chinese?