International Luxury Travel Mart Asia Pacific debuts in the Lion City with more exhibitors, more buyers and more meetings.
Close to 30,000 meetings took place this week as ILTM Asia Pacific (formerly ILTM Asia) took place in Singapore this week, attracting 553 exhibitors from 46 countries and 538 international buyers. ILTM Asia previously took place in Shanghai (this show has been rebranded to ILTM China) and by bringing the show to Singapore, organiser, Reed Travel Exhibitions, has reported a significant increase in the number of buyers from Australia (83%) Singapore (115%), India (118%) and Hong Kong (5%).
Upon opening the show at Sands Expo and Convention Centre, director of ILTM events, Alison Gilmore, said: “We have more exhibitors and more buyers this year compared to last year in Shanghai. We have 260 new buyers here with a huge increase in buyers from Australia, one of the most requested buyers for ILTM Asia in the last few years. Moving to Singapore has helped us bring more Australians here – It’s easier to get them in and easier in terms of visas. We’ve had a lot of visa issues with Australians into China.”
She added: “Asia Pacific continues to dominate the high net worth population and wealth, outperforming all other regions. It is the global leader with 360,000 high net worth individuals with a wealth of USD863 billion. So, the business is here and we’re here to stay too.”
By 2025, the World Wealth Report 2016 report states that Asia-Pacific’s high net worth population will more than double to 11.7 million individuals. Luxury travel is outpacing ordinary travel in Singapore, Thailand and the Philippines.
Singapore Tourism Board’s director of exhibitions and conferences, Andrew Phua, reiterated that the Asia-Pacific region is a growing hub for high net worth individuals.
“Singapore Tourism Board is pleased to partner with Reed Travel Exhibitions to host ILTM Asia for the first time. As a preferred MICE destination for trade exhibitions and conferences, hosting ILTM Asia Pacific is a demonstration of our ability to bridge East and West.”
Top luxury travel statistics in Asia:
• Japan is one of the fastest growing G7 economies. The country has the second highest number of millionaires in the world.
• India is expected to be the fastest growing luxury travel market through to 2025 with some 660,800 millionaires expected by 2026.
• In South Korea outbound luxury travel is booming. The country saw an 11% rise in international travel according to World Travel Monitor 2017 figures.
• After several years of decline, Russia’s outbound luxury travel sector returned to growth last year, as has Thailand.