China’s rich cut high-end spending by 5% as economic confidence hits 14-year low
Economic confidence among high-net-worth individuals has declined for fourth year in a row to lowest level since 2012, Hurun report shows
The Hurun Research Institute report showed that high-end consumption among luxury consumers shrank by about 5 per cent last year from 2024 levels, to 1.56 trillion yuan (US$224.4 billion).
By comparison, the index stood at 6.6 during the 2018 trade tensions between the US and China and remained between 6.7 and 7.2 throughout the Covid-19 pandemic.
The institute surveyed 470 Chinese families with investible assets of more than 10 million yuan for its report, which was released on Friday.
Only 26 per cent of respondents expressed “strong confidence” in China’s economy over the next two years, down sharply from 58 per cent in the 2022 Hurun Chinese luxury consumer survey.