Affluent Asians Want Aircrafts and Yachts
Rose A. Valenta — December 28, 2007 — Autos
References: bornrich.org
Helicopters, small aircraft, and luxury sailing yachts are becoming the ultimate accessories of the super-rich in China. This is a new marketing trend that will be a boon for companies seeking to bring a wealthy western lifestyle to Chinese millionaires. These affluent Asians are looking to spend their money on leisure luxuries, something uncommon in the culture until recent times.
"New marinas are being developed, and the government is promoting sailing ahead of next year's Olympics. Out of the just 400 private boats registered nationwide, almost all of them are motorboats. But, Adrien Magnan of Marine Dragon Consulting in Shanghai cites that the amount spent on luxury boats has been escalating upwards by tens of millions of dollars in the past few years.
Pleasure sailing, virtually unheard of in China until a few years ago, is becoming increasing popular. Chinese millionaires are willing to spend a fortune on yachts and aircrafts. Looks like the wealthy Chinese customers are seeking a western lifestyle."
Implications - The luxury products industry seems to get more extravagant with each passing year.
"New marinas are being developed, and the government is promoting sailing ahead of next year's Olympics. Out of the just 400 private boats registered nationwide, almost all of them are motorboats. But, Adrien Magnan of Marine Dragon Consulting in Shanghai cites that the amount spent on luxury boats has been escalating upwards by tens of millions of dollars in the past few years.
Pleasure sailing, virtually unheard of in China until a few years ago, is becoming increasing popular. Chinese millionaires are willing to spend a fortune on yachts and aircrafts. Looks like the wealthy Chinese customers are seeking a western lifestyle."
Implications - The luxury products industry seems to get more extravagant with each passing year.
Trend Themes
1. Luxury Boats - The trend of Chinese millionaires purchasing luxury yachts presents an opportunity for companies to cater to their desire for leisure luxuries.
2. Private Aircraft - The growing demand for private aircraft among Chinese millionaires indicates a potential market for companies in the aviation industry to offer luxurious flying experiences.
3. Wealthy Lifestyle - The desire of affluent Asians to emulate a western lifestyle opens up opportunities for businesses to provide high-end products and services tailored to their preferences.
Industry Implications
1. Luxury Products - The increasing extravagance in the luxury products industry aligns with the growing demand from Chinese millionaires for opulent items like helicopters, yachts, and aircraft.
2. Marinas and Sailing - The development of new marinas and the government's promotion of sailing create possibilities for businesses in the marina and sailing industry to capitalize on the rising interest in pleasure sailing among Chinese millionaires.
3. Aviation - The escalating demand for private aircraft in China presents an opportunity for companies in the aviation industry to tap into the market of affluent individuals seeking luxurious air travel.
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