'Stealth wealth' is emerging as the new ethos for Hong Kong's super-rich where if you have it, it's better not to flaunt it.
Owning brand names is simply not enough any more for the city's increasingly sophisticated and knowledgeable big spenders, American Express research found. They need the thrill of 'discovering' a luxury item for themselves, or even going to see where it's made and buying it direct.
They also demand more from sales staff and expect them to be at least as well informed as they are about an upmarket item.
But it's not only about the prestige. The city's super-rich are also finding inner satisfaction equates to sophistication, and everyday pursuits such as hiking and cooking are in vogue.
'Hong Kong is renowned for its outward demonstration of the trappings of wealth,' the survey notes.
'But the picture is changing. Today, flashiness is out, subtlety is in, and a new affluent persona is emerging.'
The insights into the changing spending habits of the city's rich come from American Express research into the needs and desires of the wealthy in six cities across the Asia-Pacific region.
