Highlighting strong budgets for luxury shopping and premium experiences
Affluent Chinese travelers are set to transform Asia’s luxury and hospitality sectors this Golden Week holiday, according to MDRi’s latest survey of individuals from Mainland China with average liquid assets of RMB 7M+.
Nearly all respondents intend to travel (98%), with Hong Kong (55%) and Singapore (24%) topping the list of destinations, followed by Japan (20%), Macau (20%) and South Korea (9%). This strong demand signals significant opportunities for economic growth across the luxury, hospitality, service, tourism and retail sectors (see figure 1).
Traveler Profiles and Spending Power
The affluent Chinese travelers interviewed have planned notable budgets for their trips—averaging RMB 28,000 for Hong Kong and RMB 30,400 for Singapore (see figure 2):
- Gen X project the highest spending in Hong Kong (RMB 32,500).
- Millennials’ spending budget leads in Singapore (RMB 36,400).
Trips average 4.6 days in Hong Kong and 4.7 days in Singapore, with Millennials staying longest (see figure 3).
Destination Appeal: Contrasting Strengths
Hong Kong continues to attract attention as a premier luxury shopping destination, with 40% of respondents identifying it as their top choice for retail experiences, bolstered by its vibrant culinary scene and unmatched convenience (see figure 4). Notably, 16% of visitors to Hong Kong also plan to include Macau in their itinerary, with Gen Z showing the strongest appetite for this dual-destination experience (see figure 5).
Singapore, meanwhile, has carved out a unique appeal through its high-quality accommodations and exceptional hospitality, attracting travellers eager for premium hotel stays and distinctive culinary adventures.
Reflecting this appeal, Simon Tye, CEO of MDRi, said: “Singapore’s reputation for premium experiences has never been stronger, especially with a series of events planned around the F1. This Golden Week, the city is well-positioned to welcome affluent travellers from China.”
Luxury Shopping, Events, and Experience Trends
Luxury shopping remains a primary driver for Golden Week travel, with 81% of travelers to Hong Kong and 82% to Singapore planning to make premium purchases.
Hong Kong’s Pacific Place, IFC, and Times Square are the most popular retail destinations, while The Shoppes at Marina Bay Sands, Mandarin Gallery, and Raffles City dominate in Singapore. (see figure 6)
Confidence is particularly strong in Hong Kong, with only 1% of respondents indicating they have yet to decide where to shop, compared to 10% in Singapore. This reflects a deeper familiarity with the luxury retail landscape.
High-profile events such as Hong Kong’s annual fireworks and Singapore’s F1 festivities further enhance each city’s appeal.
Generational Insights and City Dynamics
Among the different generational segments, Hong Kong is a compelling choice for Gen Z and Gen X travellers, while Singapore is very attractive among Millennials. (see figure 1)
Hong Kong’s popularity among travellers from Tier 3 and lower-tier cities (63%) also highlights the expansion of luxury tourism beyond the traditional Tier 1 and Tier 2 elite travellers. (see figure 1)
Simon Tye further notes, “Affluent Chinese Millennials travellers are choosing Singapore for vibrant culture and top-tier hospitality and this enhancing its position as a luxury destination in S.E. Asia”.
Conclusion
Golden Week 2025 presents significant opportunities for the luxury, retail, hospitality, services, and luxury property sectors in Asia. Affluent Mainland Chinese travellers—motivated by aspirational spending —are reshaping travel trends and setting new benchmarks for destination marketing, luxury retail, and hospitality. By continually monitoring and understanding these vital segments, Hong Kong and Singapore can reinforce their leadership and secure lasting success in the global tourism landscape.
“This year’s Golden Week will see affluent Chinese travelers redefining the luxury travel map of Asia. Hong Kong remains unmatched in luxury retail, while Singapore has grown into a hub for premium experiences. Affluent Chinese travelers are not only spending, but shaping new standards of hospitality and events across the region,” added Simon Tye, CEO of MDRi.