Benefiting from luxury spending of Chinese millennials

The following article appeared originally in the “The Nation”, a Thai based news organisation. Penned by the CEO of the Bangkok Bank, Suwatchai Songwanich, the article outlines how Thai business directly can easily benefit from targeting Chinese millennials as they travel across Asia and into Thailand.

The Chinese age group 18-29 are reportedly the biggest purchasers of luxury goods in Asia-Pac, followed by Koreans and Hong Kong residents.

In the travel industry, the Chinese millennials are spending their money travelling to destinations such as Hong Kong and Thailand and are often staying in small boutique hotels.

Outbound spending by these cashed up tourists will grow from US$229 billion for 2015 to US$422 billion in the year 2020.

This presents both a challenge and an opportunity across the entire region. As the travellers become more savvy, they will of course extend their trips outwards to Singapore, Australia and New Zealand.

With many more travellers heading overseas in small non-organised tour groups, this is an opportunity for the “flashpacker” market across the region, and small boutique hotels to reach out, market to and win some of this lucrative travel market, but using the tools of the Chinese, such as Weibo and WeChat for instance.

With the growth of the Chinese middle class, this article should be read not only in Thailand, but by all of those in the Asia / Pac region.

 

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