The Malaysian Insider :: Features
The Malaysian Insider :: Features |
| Survey finds that China’s rich are young, single – and mostly male Posted: 21 Sep 2011 11:53 PM PDT  A man walks past a luxury watch store in the Wangfujing shopping street of Beijing on August 9, 2011. — AFP pic The HSBC corporation and international research company Nielsen have just released their findings into a survey that attempts to dissect the makeup of the richest 10 per cent 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. What they found was that in China, the average age of that group of wealthy was just 36 and that 20 per cent of them were single, equal with Australia as the highest per centage in the countries polled. In Hong Kong and Taiwan — the other places in the "Greater China" region polled — that per centage was just 12 per cent and eight per cent respectively. Also, 64 per cent 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 per cent, as compared to Taiwan where the figure was only two per cent. 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 per cent 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 (26.85 per cent) 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. — AFP-Relaxnews |
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