Hong Kong’s wealthy plan to spend HK$870,000 in 2024 travels | Asian Business Review
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Hong Kong’s wealthy plan to spend HK$870,000 in 2024 travels

Tokyo is their top destination of choice.

High net worth individuals (HNWIs) in Hong Kong plan to spend an average of HK$870,000 (approximately US$111,000) for travelling, according to a study by Standard Chartered Bank.

On average, HNWIs spend HK$150,000 on long haul trips, and HK$70,000 for short-haul trips– more than twice the average expenditure of other respondents. They also expect to make about 8 trips in 2024, up from just 7 trips pre-pandemic and 6.7 trips on average in 2023.

“HNWIs in Hong Kong prioritise the quality of their travel experiences: They spent more than twice the average expenditure of other respondents, with funds primarily allocated to enhancing the travel experience, such as staying at luxury hotels or splashing on Michelin-starred dining experiences,” Standard Chartered’s study found.

Meanwhile, the respondents planned an average of above 8 trips this year, showing a significant increase of 20% and 24% compared to the number of trips taken before the pandemic (2019) of 7 trips and 2023 of 6.7 trips respectively.

ALSO READ: StanChart's Maisie Chong on never saying no to seizing opportunities, paying it forward

Tokyo, Singapore top destinations
Tokyo was found to be the most popular destination of choice amongst Hong Kong’s wealthy, followed by Singapore, Bangkok, and Thailand.

Almost 1 in 3 (31%) enjoy solo travel, whilst almost 1 in 4 (24%) prefer to travel as a couple. 

Less than 1 in 10 want to travel with friends (8%) and with their parents (3%).

Earning miles, priority check-in favored
Almost all (95%) of respondents said that they like earning miles for their travels.

Of this, 64% earn miles through credit card spending and banking products. Only 31% earn miles through filing.

Other preferred travel perks include priority check-in and lounge access, with 8 in 10 (84%) saying this is crucial for the overall travel experience.

Broken down, 36% of respondents highly value lounge access, slightly surpassing fast-tracked security and immigration procedures (35%), priority check-in (33%), limousine service to and from airport (31%), and streamlined baggage check-in and home/destination delivery service (28%).

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