The country's wealthiest residents are increasingly willing to
loosen the purse strings when it comes to sightseeing, according to
the results of a survey released yesterday.
According to the Index of China's Affluent, a survey carried out
by MasterCard Worldwide, roughly 93 percent of the nation's
affluent households spent as much as US$10,000 on leisure and
recreational activities last year, four times more than the per
capita annual income of Shanghai in 2006.
Nine-hundred respondents with annual incomes ranging from
US$16,000 to US$50,000 said domestic and overseas travel were key
priorities when it came to spending time and money.
This was followed by going to the gym, visiting theme or
amusement parks, sports and socializing.
"The number of affluent consumers in China is growing fast, and
their market power is being felt far and wide," said Yuwa
Hedrick-Wong, an economic advisor with MasterCard Worldwide.
"Domestically, new wealth in major cities on the mainland is
powering spending, lifestyle choices and mindset changes among
affluent consumers, and this has transformed the Chinese market,"
he added. "The affluent of China are also avid overseas travelers,
so their spending power will impact the travel and hospitality
industries globally, as well."
In the survey, which covered Beijing, Shanghai and Guangzhou, 43
percent of the respondents said they had traveled at least three
times on the Chinese mainland last year, while 30 percent made at
least three overseas trips.
Hong Kong was the most popular overseas travel destination -
85.6 percent of China's rich went there last year. Other
destinations, including France, Germany and Italy, attracted a
smaller share of travelers in 2006, but Yuwa said these places
should expect to see more Chinese travelers, as should the United
States and Australia.
On the domestic front, almost half of the affluent said they
preferred nature and scenic tours, while less than a quarter said
they preferred visiting cultural and historical sites.
The patterns for domestic travel were very different between the
three cities. Close to one-third of the affluent in Beijing favored
beach resorts, while only 5.5 percent and 6 percent in Shanghai and
Guangzhou respectively expressed the same preference.
(China Daily August 14, 2007)
