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IN BRIEF
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The rich Chinese continue to travel and consume, but with a new sobriety that reshapes global luxury. According to the latest insights from Oliver Wyman, the frequency of international travel is declining, destinations are shifting towards closer or more fluid horizons, and the act of purchasing is becoming more selective, more experiential. From Tokyo to Hainan, from domestic road trips to well-being breaks, from less ostentatious jewelry to ultra-targeted premium experiences, it is a discreet but profound shift that compels luxury houses, hoteliers, and destinations to reinvent their value proposition.
New destinations: a desire for elsewhere, but closer and more fluid
The desire to escape remains, but it is expressed differently. In 2025, the average number of international trips per person decreases from 2.5 to 2.3, or about –7%. This rationalization is reflected in the choice of destinations and the way of traveling. Japan is gaining ground thanks to eased procedures, particularly long-term visas that can last up to ten years for affluent travelers. The share of high-income individuals who have already visited or planned a trip to Japan climbs from 21% to 27% in one year. In contrast, Hong Kong and Macao are losing attractiveness, especially among experienced travelers.
Historic destinations like Europe and the United States remain desirable, but the perceived heaviness of procedures, currency fluctuations, and geopolitical tensions lead to a preference for shorter, closer stays grounded in the local. In 2025, 43% of respondents prefer a domestic trip over an international departure. Hence the rise of express road trips in provinces like Hainan or Sichuan, focused on experience, gastronomy, and local culture.
This rebalancing does not exclude European escapes when they promise a strong narrative and managed logistics. Itineraries combining heritage, nature, and fine dining are appealing, as exemplified by a selection of luxury destinations in Europe designed for travelers sensitive to authenticity. At the other end of the spectrum, quests for immersion turn towards rarer horizons, such as Bedouin dreams in the Sahara, where the desert’s minimalism enhances the lived moment. For nearby escapes, well-being and design formats are illustrated with places like luxury and wellness residences in Tunis, or discreet urban bases such as the Villa Petrusste in Luxembourg. And for terroir enthusiasts, itineraries around distilleries and large landscapes, such as luxury cruises on the lochs punctuated by whiskey, perfectly embody the trend towards a signature experience.
Lighter journeys: sobriety, proximity, and tailor-made scenarios
Travel is becoming more lightweight: fewer segments, fewer purchases, more targeted experiences. The administrative and monetary context encourages shorter itineraries, fluid logistics, and well-identified highlights: private workshops, small committee visits, hidden tables, cultural evenings. This simplification does not equate to trivialization but rather to a search for the essential and authenticity, where every moment counts.
The phenomenon of bleisure (business + leisure) is intensifying: business travelers extend their stays without changing hotels, thereby optimizing their time and comfort. Meanwhile, younger generations are embracing a sophisticated minimalism: fewer objects, more meaning. Well-being weekends, design hotels, chef’s tables, and accessible landscapes outline a new mapping of discreet pleasure.
Reduction in purchases: from a status reflex to a thoughtful act
The campaign for common prosperity relaunched in China has established an ethic of discretion that changes the codes. The luxury purchase is no longer an impulsive gesture; it becomes a measured decision. Among 2,000 respondents, 1,262 anticipate luxury spending in 2025, but with clear trade-offs: accessories and leather goods decline by about –6%, ready-to-wear by –9%, high jewelry by –15%. After a surge related to the yen’s weakness in 2024, the currency’s rise in 2025 neutralized the price advantage, confirming a return to a value consumption rather than volume.
Two profiles are polarizing. VICs (Very Important Clients) buy less, but better: heritage pieces —iconic bags, gold rather than diamonds—, and especially premium experiences: private dining, confidential events, exclusive capsules. Occasional buyers, on the other hand, are significantly cutting back (around –15% across all purchases, both in travel and in the city) and are shifting towards well-being weekends, gastronomy, and characterful hospitality. Among Generation Z, the lived moment prevails: storytelling, aesthetics, and immersion take precedence over pure possession.
Hospitality and tourism: the era of hyper-segmentation
For high-end hospitality and travel, the time has come for recomposition. The demand for experiential domestic stays is exploding, including in second or third-tier cities. Young people seek authenticity and immersive formats; business travelers want to prolong the experience without friction; older clients and VICs expect a subtle, discreet, ultra-quality service. International groups must localize without losing their uniqueness: rooted gastronomy, refined yet discreet design, tailor-made experiences, and contextualized cultural content.
Symbol of this transformation, the Mandarin Oriental, Hong Kong is preparing to open the Terrace Boulud in January 2026, in collaboration with Michelin-starred chef Daniel Boulud. Located on the 25th floor of the Landmark Prince’s, the restaurant, connected to the hotel by a covered bridge, will offer panoramic views of the harbor, signature cocktails, and rare wines. This venue is part of the Tomorrow’s Central project by Landmark, which reimagines the neighborhood with over a hundred high-end dining options. The success of the ultra-exclusive Landmark Bespoke program —over 3,000 members having frequented the restaurants in 2024— confirms the appetite for calibrated and highly relational experiences.
Distribution and customer relationship: personalization, loyalty, narrative
The era of easy luxury is coming to an end. Growth will hinge on three axes. First, rethink retail: fewer addresses, but flagship locations offering an enriched customer experience, where gastronomy, culture, and service intertwine — resembling the culinary strategy of Mandarin Oriental in Hong Kong. Next, prioritize loyalty: the role of consultative salespeople becomes central to accompany, reassure, personalize, and convert in higher segments. Finally, create meaning: younger generations do not just buy a product, but a vision, values, a lifestyle. In this context, houses that can articulate rarity, discretion, and experience will have a competitive edge.
