China beats Singapore as most preferred destination for business elites

Come to think of how much Singapore is losing to China if each business elite spends at least USD3,000 per leisure trip.  

According to a new Business Elite survey conducted by Ipsos, business elites , those with annual incomes of almost $200,000 and an average net worth of more than $1.3 million, remain important consumers both in their business and personal lives.

The study revealed that while business hotel night spend in Asia has gone back down to the similar level observed in 2009 with a less than desirable economic outlook in the world, these business executives continues to spend on their leisure trips.

Here's more from Ipsos:

We recorded a 8% growth in personal hotel night spend compared with prior year. When they enjoyed overseas holiday, 27% had spent a minimum of USD3,000 per person per trip.

These top executives are still flying as much on first or business class as before (44%). Singapore is the second most visited country (19%) as a business destination, behind China (24%) but ahead of Hong Kong (16%), Europe (15%), Japan (15%) and USA (14%), among these top executives in Asia.

The study has been carried out in the region since 1985 and is part of a global series of surveys covering 36 countries.