The increasingly wealthy consumers of luxurious experiences who dominate Asian markets such as China are the "super lucrative segment" of the middle class now and in years to come, an industry report indicates.
The new luxury in China is not buying Gucci bags but going on safari in South Africa and posting pictures as "Moments" on WeChat, said Shaun Rein, founder and managing director of Shanghaibased China Market Research Group, during the International Luxury Travel Market Asia 2015 Opening Forum on Monday.
Editor's note: At the International Luxury Travel Market Asia 2015 in Shanghai, hoteliers from around the world are discussing the industry's developing trends.
The hall under the great dome of the former Soviet Union-styled Shanghai Exhibition Center was decorated with a sense of luxury on Monday.
Accor, the Paris-based hotel operator, sees Asia as an important market for the luxury segment, according to Rick Harvey Lam, senior vice-president of global marketing for the hotel group's luxury and upscale brands.
Hurun Report and ILTM Asia jointly released The Chinese Luxury Traveler 2015, a report on the travel trends of Chinese high net worth individuals, also known as HNWIs, who made up of 65 percent of China's outbound travelers last year.
Although currently undergoing a widespread rehabilitation campaign in the wake of Cyclone Pam-one of the worst natural disasters in the archipelago's history-Vanuatu is showing its resilience and fortitude by continuing on the path to sustainable development.
Vanuatu has been established as an offshore financial center for over three decades, enabling the Indian Ocean nation to build up sound financial infrastructure with a high degree of professional expertise available to international clients, who utilize the country's well-trained financial staff and offshore status for investment.
Unelco is a shining example of a company that has limited revenue due to its relatively small customer base, yet through its use of smart and innovative practices and groundbreaking technology is truly a leader, not only in its field of renewable energy solutions, but also in its dialogue with local people.
Unelco is one of the most forward thinking energy companies in the world, thanks to its second to none corporate structure and investors.
Telecom company's subsea fiber optic cable set to make Vanuatu a Pacific Ocean business hub
Before Cyclone Pam struck Vanuatu in March, the forecast for the country's economy was slated to be around 5 percent for this year, an increase of around 3.3 percent on 2014.
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