The Rise of the Chinese Luxury Traveler
What’s the impact of the Chinese luxury traveler on the overall luxury travel market? “The Chinese Luxury Traveler 2017” survey by ILTM and Hurun Report Inc., shows how these travelers could have a dramatic effect on the overall luxury travel market worldwide in terms of demand and pricing. What’s the Size of the Market? In 2016, according to a report issued by Ctrip and the China Tourism Research Institute, Chinese tourists made 122 million overseas trips, up 4.3 percent compared with the previous two years. An increasingly larger portion of those travelers are in the luxury category (according to the new ILTM survey), with the number of yuan billionaires hitting 1.34 million last year, up 14.1 percent from the previous year. How Much Do They Spend? The ITLM survey found…