High-net-worth Hong Kong Residents Spend Big on Travel, According to Standard Chartered Survey
In a recent travel survey conducted by Standard Chartered Hong Kong, it was revealed that wealthy Hong Kong residents are spending an average of more than HK$870,000 on travel annually. The survey, which was conducted on March 22, 2024, found that high-net-worth individuals are prioritizing the quality of their travel experiences, with spending more than twice as much on travel compared to other respondents.
These high-net-worth individuals are using their travel budget to enhance their experience, such as staying in high-end hotels and dining at Michelin-starred restaurants. The survey also revealed that respondents are expecting to travel more frequently this year, with an average of over 8 trips planned, representing a 20% increase from pre-epidemic levels in 2019.
When it comes to travel destinations, Tokyo, Japan emerged as the most popular choice among respondents of all age groups, followed by Singapore, Bangkok, and Taiwan. The survey also showed that 34% of respondents prefer traveling with family, while 31% prefer traveling alone. Others prefer traveling with their partners, friends, or parents.
Furthermore, the survey found that 95% of respondents are avid collectors of flight miles, with 64% earning miles through daily consumption using credit cards and banking products. Only 31% of respondents earned miles through actual flights. As travel expenses increase, the rewards from mileage also naturally increase.
Lin Jingyi, the head of high-end customer groups and strategic alliances at Standard Chartered Hong Kong’s personal, private, and SME banking division, commented on the survey results, stating that the bank’s high-end customer group business has seen strong growth amid Hong Kong’s recovering economy. Last year alone, nearly 100,000 new “Priority Banking” customers were added, more than doubling year-on-year.
The survey results highlight the growing trend of high-net-worth individuals in Hong Kong spending significantly on luxury travel experiences, indicating a positive outlook for the travel industry in the region.