Forget handbags and fancy cars. The world's rich want more spa treatments and fine dining.

Despite uncertain economic times, 12 of the world's wealthiest countries spent over $1.4 trillion on luxury goods and services in 2011, according to a new report by Boston Consulting Group. Just over half that figure (55%) went toward high-end experiences, such as resort travel and wine tastings, rather than expensive objects.

'Experiential' spending is quickly eclipsing traditionalconsumption of luxury goods: In Europe, the former grew 6% a year from 2009 to 2011, compared with 4% growth in personal luxury goods. In the U.S., the stats are 9% and 6%, respectively.

Even in China's booming luxury market, experiential spending grew 28% over the same period, outpacing the 22% increase in purchases of goods like jewelry and designer clothes. Still, Chinese consumers are more likely than their Western counterparts to shell out for products. Experiential spending made up only 40% of their overall luxe budget, lower than the 61% share in Europe and 51% in the U.S.

Some luxury brands are already adjusting to this shift. LVMH, which owns labels such as Louis Vuitton and Marc Jacobs, is developing its Cheval Blanc hotels, named after one of the conglomerate's top vineyards in Bordeaux. It currently has one hotel at the French ski resort town Courchevel and is slated to open others in the Maldives, Paris, Oman and an island in Egypt.

The BCG report's authors said demographics are one big reason behind the shift to experiential spending in mature Western markets. As rich baby boomers approach their retirements, they become less interested in acquiring more things, the firm said. Chinese consumers, though, are at a relatively early phase of interacting with luxury and therefore still interested in its shoes and cars.

Spas, travel and other services are growing fast in China, though the motivation behind them differs, said BCG principal Vincent Lui. 'In the West, it's about enjoying yourself,' he said. 'But here in China, fine dining is about inviting people or being seen. It's about the public display of wealth, the status.'

'Luxury travel is growing, but when you look into the content of the trip, it's different,' he added. 'Westerners don't join tours, but the Chinese still do it. They'll join invite-only private tours for the super-rich that include a private tour to Barney's in New York and private fashion shows. And in between the shows, they'll go to look at real estate to buy or private schools for their children.'

According to a survey of Chinese millionaires released earlier this week by Hurun Report, Chinese luxury travelers travel in groups nine people on average. The report also found that 85% of the millionaires wanted to send their children abroad for education and one-third already owned assets overseas, mainly in real estate.

Jason Chow

• uncertain [ʌn´sə:tn]   a.不定的；不可靠的   (初中英语单词)
• luxury [´lʌkʃəri]   n.奢侈(品)；享受   (初中英语单词)
• resort [ri´zɔ:t]   vi.求助；乞灵；诉诸   (初中英语单词)
• expensive [ik´spensiv]   a.费钱的，昂贵的   (初中英语单词)
• western [´westən]   a.西的；西方的   (初中英语单词)
• therefore [´ðeəfɔ:]   ad.&conj.因此；所以   (初中英语单词)
• principal [´prinsəpəl]   a.主要的 n.负责人   (初中英语单词)
• wealth [welθ]   n.财富，财产   (初中英语单词)
• estate [i´steit]   n.财产；庄园；等级   (初中英语单词)
• survey [´sə:vei]   vt.&n.俯瞰；审视；测量   (初中英语单词)
• abroad [ə´brɔ:d]   ad.海外；到处；广泛   (初中英语单词)
• mainly [´meinli]   ad.主要地；大体上   (初中英语单词)
• consumption [kən´sʌmpʃən]   n.消耗；结核病   (高中英语单词)
• jewelry [´dʒu:əlri]   n.珠宝(饰物)   (高中英语单词)
• budget [´bʌdʒit]   n.&vi.(做)预算；安排   (高中英语单词)
• mature [mə´tjuə]   a.成熟的 v.(使)成熟   (高中英语单词)
• relatively [´relətivli]   ad.比较地；相对地   (高中英语单词)
• traditional [trə´diʃənəl]   a.传统的，习惯的   (英语四级单词)
• designer [di´zainə]   n.设计者   (英语六级单词)
• inviting [in´vaitiŋ]   a.动人的   (英语六级单词)
• overseas [,əuvə´si:z]   ad.(向)海外 a.海外的   (英语六级单词)