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.

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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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