Hurun Chinese Luxury Consumer Survey 2023
The Hurun Research Institute today released the Hurun Chinese Luxury Consumer Survey & Hurun Best of the Best Awards 2023. This is the nineteenth consecutive year Hurun Research has revealed the brand preferences, consumption habits and lifestyle trends of China’s wealthiest individuals. Widely regarded as an ISO9000 for China’s luxury sector, the CLCS has become a benchmark for the luxury sector.
The Hurun Research Institute today released the Hurun Chinese Luxury Consumer Survey & Hurun Best of the Best Awards 2023
(1 March 2023, Shanghai) The Hurun Research Institute today released the Hurun Chinese Luxury Consumer Survey & Hurun Best of the Best Awards 2023. This is the nineteenth consecutive year Hurun Research has revealed the brand preferences, consumption habits and lifestyle trends of China’s wealthiest individuals. Widely regarded as an ISO9000 for China’s luxury sector, the CLCS has become a benchmark for the luxury sector.
750 respondents completed the survey: high-net-worth individuals in China, with an average family wealth of CNY45mn and investable wealth of CNY13mn. Of those surveyed, 38 were ultra-high net worth individuals with more than CNY100mn (US$15mn). 40% live in China’s first-tier cities; the average age was 36; the ratio of male to female was 50:50; 73% are married (mostly families with one child).
Hurun Report Chairman and Chief Researcher Rupert Hoogewerf said: “The idea behind the Hurun Chinese Luxury Consumers survey is to help brands stay relevant to the Chinese Luxury consumer in 2023, understanding their lifestyle, investment and spending trends. Business confidence is high and their happiness index is the highest on record, perhaps brought about by less time spent on the road and more time spent with the family.”
Investments. Chinese high net worths are looking to increase their exposure to shares, gold and cash in the bank, whilst decreasing their investments in real estate, art and funds.
Changes since Covid began. They are taking more holiday, 23 days up from 18 pre pandemic. There is a massive pent-up demand for overseas travel. The Maldives, Singapore, Canada and Dubai have seen a stark rise. Interest in domestic travel has grown 54%. Preferred overseas investment destination has moved from London to Singapore and HK. The trend of sending children overseas at an ever younger age has reversed, and has crept up two years to aged 17, whilst the preferred overseas study destination has moved away from the US to the UK.
Education. 65% are planning to enroll themselves into an MBA or CEO course. For their children, 80% are looking to send them to study overseas, with the UK ahead of the US as the preferred destination. The average age of studying overseas has gone up since the pandemic, to aged over 18. Business studies is the most popular subject, followed by Design and Art.
At home. Chinese high net worths live with 4 others in a 280 sqm house. The second home they use most is close to their main home for 60% or overseas for 10%. 10% do not use a second home.
Travel. The Maldives, Japan and France are their preferred destinations for this coming year, whilst Dubai, Singapore and the UK are the fastest risers. On average they take 22 days holiday a year. Domestically, Sanya and Yunnan continue to be the top two destinations, although Shanghai and Beijing are the fastest risers, perhaps a result of travel restrictions to these big cities in the past year.
Sports. Running, water sports, golf and hillwalking are their preferred ways to keep fit.
Food and Drink. Their favourite cuisine is Sichuan cuisine, followed by Japanese, Cantonese and French cuisine. In terms of drinks, it is red wine and whiskey, followed by baijiu.
Collecting. Their preferred collectables are jewelry, fine wines and watches.
The luxury market. Hurun Research estimates the total size of the Chinese luxury market to be down this year by 5% to US$230 billion. The luxury market includes premium cars (defined as cars worth over CNY 500,000), traditional luxury (fashion, cosmetics, jewelry, leather goods, watches, etc…), premium drinks and smokes, high-end consumer electronics, luxury services (hotels, travel and healthcare), premium foods, etc…
This is a brief English language summary of the full Chinese press release which can be found at www.hurun.net. For media enquiries please contact our public relations team whose contact details can be found at the end of this report.
The Hurun Research Institute today released the Hurun Best of the Best Awards 2023, based on the results of the Hurun Chinese Luxury Consumer Survey 2023.
The Best of the Best is for the overall winner of a category. The Star Performer is for the product/service with the best year on year performance. The Best New Arrival is for a product/service launched into China in the past 12 months that has shaken up the market.
Hurun Best of the Best Awards 2023
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