Tycoon class: China's super-rich get their own travel brand
"Welcome to the new billionaires' club. You'll travel only with other tycoons, live in castles and eat Michelin-starred meals." Chinese travelers struck lucky this month.
Domestic business travelers got two dedicated hotel brands; geeks were let loose on a new travel-focused social website, Fengche.com; and now the nouveaux riches have been presented with an exclusive travel brand, as one of China's biggest travel websites, Ctrip, launches HHtravel (鸿鹄逸游), targeted directly at Chinese tycoons.
Huge tycoon travel market, but no dedicated brand
According to the "2011 China Personal Fortune Report," the country is home to more than 500,000 people (link in simplified Chinese) with disposable assets of more than RMB 10 million (roughly US$ 1.6 million).
Moreover, the "Hurun Report" -- aka "The China Rich List" -- pointed out last year that China currently has more than 4,000 yuan billionaires (link in simplified Chinese)
"Yet no professional organization in China is guiding these people on how to travel," says Hua Li (华莉), Ctrip's marketing director.
That's where HHtravel comes in.
Round-the-world trips and more
An independent website, HHtravel aims to attract individuals with disposable assets of more than RMB 10 million.
No professional organization in China is guiding [tycoons] on how to travel.
-- Hua Li (华莉), Ctrip's marketing director
Apart from financial freedom, HHtravel's high-rolling clients will need plenty of free time. Hua said typical customers are high-flying investors, successful self-employed businessmen and their family members.
"Even wealthy entrepreneurs won't be able to leave their jobs to go on a two-month trip," says Hua.
Described by Hua as providing "the highest-end service," HHtravels's feature product is its annual round-the-world trip, which NASDAQ-listed Ctrip organized in 2010 and 2011.
Hua says both trips received overwhelming feedback, with the second trip selling out literally in seconds.
"This sends us a strong signal that [China's tycoon travel] market has great prospects," she continues.
What exactly is super-luxury travel?
In addition to the signature around-the-world trip, HHtravel is selling 50 other lavish outbound packages under nine themes, from "island getaways" to "soft adventures" to "top-notch train journeys."
Typically, trips last up to a month and cost around RMB 100,000.
But what exactly do these opulent trips deliver? HHtravel promises:
- • Business-class transportation
- • Michelin-star restaurants dining
- • Award-winning hotels, resorts, castles and royal palaces
- • Two seats per traveler on coaches
However, some observers suggest that rich travelers don't always hanker for nonstop luxury.
"Not all tycoons want the same thing," says Wang Xinjun (王新军), founder of Ivy Alliance Consulting. "There might be some of them craving street food."
Wang says wealthy Chinese normally don't travel through tourist agencies, simply because "most agencies can't arrange what these people want, for example, to climb Kilimanjaro in Africa."
According to Wang, Chinese tycoons usually prefer traveling to "remote destinations, such as Bhutan, to experience happiness." They also want to get away from large tourist groups.
More on CNNGo: Demystifying the Chinese traveler
On the other hand, Chinese nouveaux riches' understanding of travel is still immature. This can be an obstacle for the development of China's tycoon travel market, Zhang Ruoshuo (张若煜), an industry expert, told China Travel News.
Although China has a large number of tycoons, the super-luxury travel market's profit and customer base are much smaller compared with the regular travel market. Thus, the scale of the market is hard to grow, he said.
If you're a Chinese tycoon, look here
HHtravel is currently organizing its 2013 round-the-world trip. The 80-day journey will cost RMB 1.01 million per head and the 15 travelers on the trip can choose to depart from Shanghai, Beijing or Taipei.
See the full itinerary here (link in simplified Chinese only).
The round-the-world-trip sales line (+86 400 690 9811) will open at noon sharp on March 26.
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