China’s Rich Are Young, Single, and Mostly Male

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Source: cpp-luxury.com

China’s rising band of rich is made up mostly of young, single males, according to a survey.  The HSBC corporation and international research company Nielsen released their findings from a survey that attempts to dissect the makeup of the richest 10 percent of the population of eight countries in the Asia-Pacific region.  The countries focused on were mainland China, Hong Kong, Taiwan, Singapore, India, Indonesia, Malaysia and Australia.

In China, the average age of that group of wealthy was just 36 and 20% of them were single, equal with Australia, as the highest percentage in the countries polled.

In Hong Kong and Taiwan — the other places in the “Greater China” region polled — that percentage was just 12 percent and eight percent respectively.

Also, 64% of the Chinese respondents were male, leading a spokesman for HSBC to quip that it was good news for anyone looking to hitch a ride with a wealthy potential spouse in China.

But it is also a further insight perhaps into why the country’s wealthy have become such a potent spending force in the global tourism and luxury markets, traditionally the places young and well-to-do males spend their cash.

China also had the highest proportion of DINKS — or “double income no kids” — at 18%, as compared to Taiwan where the figure was only two percent.

The survey found that Indonesia had the second youngest collection of wealthy, with an average age of 38, in front of India where the age was 39. Hong Kong’s average, meanwhile, was 48.

The world’s travel industry is increasingly targeting China’s wealthy as estimations have the country sending 79 million tourists overseas by 2015, which will make China the world’s largest outbound travel market.

A massive 72 percent of China’s international travelers now opt for “high end” travel experiences rather than budget alternatives, according to travel industry reports.

The impact on local communities when they do travel is significant too.

A recent report from the China Travel Association revealed that when on holidays not only is shopping the preferred pastime for Chinese tourists, it took up more than a quarter (27%) of their spending.

Just what China’s wealthy spend on when they do travel is also having a great impact on the economies of the world — Nielsen China Outbound Travel Monitor has found that three-quarters of China’s travelers spend on luxury goods.

Source: Luxuo

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