China’s economy is facing rough weather, but while the luxury market has its problems, some segments are doing better than ever, says Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher at the Hurun Report. And more important, the happiness of China’s high net worth individuals is increasing he adds at the 20th anniversary of the Hurun Best of the Best Awards.
Rupert Hoogewerf:
“This year marks the 20th anniversary of the Hurun Best of the Best Awards, our 20th year of tracking the brand choices and lifestyle changes of China’s luxury consumers.”
“Although the size of the luxury car market, defined as cars costing over CNY500,000, has continued to shrink, the size of other premium industries has basically increased, especially the likes of luxury travel and traditional luxury, bringing the overall size of China’s premium market up 3% to CNY1.7tn. In China, this is one of the rare trillion-Yuan industries, others including elderly care, automobiles, real estate, etc… China’s luxury consumers are now undoubtedly the world’s biggest spenders when it comes to luxury in the world.”
“With the global economy facing many uncertainties, the Hurun Economic Confidence Index of China’s high net worth individuals has declined for the second year, but is still at a high level compared with the past. This year, the Hurun Happiness Index is at its highest level for a decade, especially for Generation X and in terms of family life.”
“In the coming year, China’s HNWIs surveyed plan to increase their investments in gold, funds and bank deposits, and decrease their investments in real estate, both for residential and commercial, and art.”
“Gifting continues to be on the rise again, with Chinese HNWI males preferring to gift watches, baijiu and electronic products.”
“The priorities of China’s HNWIs have changed dramatically. ‘Health’ becomes the most important thing. High net worth individuals also increased their enthusiasm for exercise by 20%. The UHNWIs demand nutritionists and family doctors more than investment advisers.”
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
Are you looking for more experts on China’s luxury market? Do check out this list.
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