Travel like a local — wherever you go

The heyday of luxury department stores and organised tour groups are over.

Unlike their parents, today’s young Chinese are independent, tech-savvy and hungry for authentic and atypical travel adventures. A recent study by travel website Hotels.com and market research firm Ipsos revealed that 71% of Chinese millennials prefer free-and-easy travel, and 55% have stayed at independent hotels with a local flavour over the past year.1

These habits have opened up opportunities for travel and technology companies to spice up travel experiences. For example, internet services giant Tencent recently obtained a stake in China Railway’s WiFi provider to expand the number of WiFi hotspots throughout the high-speed rail network and create a platform that offers ticket services, shopping and tourism at a click2 — making regional travel more seamless.

China’s online travel agencies have also undergone a facelift, branding themselves as bespoke travel agencies that offer a passport to unique and authentic experiences.

No more waking up at 6am to squeeze in conventional sights; travel agencies like Beijing-based Uniqueway give travellers the freedom to explore as they see fit. What the agency provides, instead, are guidebooks that contain all the information needed for independent travel such as restaurant recommendations and safety tips — tailored to individual travel style and preferences3.

With China’s millennials proving to be key drivers of the country’s economic boom, it’s important to understand their changing lifestyles. At Eastspring Investments, our investment professionals in China help provide first-hand knowledge and a deep understanding of local market nuances. Find out more about www.eastspring.com

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