luxury market report vietnam
Circle of elite
grows larger
in Vietnam
Vietnam’s luxury outbound market is
booming as the country’s appetite for travel
grows and the circle of elite swells at a
staggering rate, reports Marissa Carruthers
Vietnam’s high-end outbound
market looks set to soar as the
number of millennial travellers
grows and the economy continues
to strengthen.
According to a Future Outbound
Travel in Asia-Pacific 2016 to
2021 report by MasterCard, an
estimated 7.5 million Vietnamese
will travel abroad by 2021,
compared with 4.8 million in 2016.
A study by Euromonitor adds
that the country’s outbound
market has been growing at a
healthy annual rate of 10 to 15 per
cent since 2012.
Eric Schneider, senior vice
president for Asia-Pacific at
MasterCard Advisors, said a
“burgeoning middle-class” is
driving the growth, along with
other trends, including the
emergence of the Asian millennial
traveller and senior travellers,
as well as new technology and
infrastructure developments.
The report added that in
emerging markets, outbound travel
12 TTG Asia luxury | May 2018
A burgeoning
middle-class
in Vietnam is
driving the
growth, (as
well as) the
emergence
of the Asian
millennial
traveller...
Eric Schneider,
senior vice president
for Asia-Pacific,
MasterCard Advisors
is expected to grow faster than real
GDP, with Vietnam looking at 9.5
per cent versus 6.2 per cent.
Latest figures from the Vietnam
National Administration of Tourism
show that Vietnamese tourists are
becoming bigger spenders. In 2016,
more than US$8 billion was spent
by travellers from the country –
more than double the US$3.5 billion
spent in 2012.
Throw into the mix the fact that
Vietnam has 200 super-rich people,
with collective fortunes of more
than US$30 million, according to
the Wealth Report 2017 compiled
by real estate consultancy Knight
Frank, and the country’s luxury
outbound market looks set to soar
into the future.
The report revealed the
number of Ultra High Net
Worth Individuals (UHNWI) –
those who have investible assets
of more than US$30 million –
rose by 32 people to 200 people
in 2017, compared with 170 in
2016 and only 50 in 2006.