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Significant changes in the consumption habits of wealthy people in China
BEIJING, Jan. 17 (Xinhua) – China is undergoing major changes in the consumption habits of wealthy people, who are now focusing on physical shopping and family experiences, such as travel, the China Daily reported on Thursday.
For the rich Chinese, travel is the best choice for entertainment, while reading ranks second, followed by tasting, according to the report quoting the "Report of the Best Huron Elite 2019," which surveyed 465 people with personal fortune of at least 10 million yuan million US dollars).
"In the past, the rich Chinese have spent a lot of money on cars, watches and handbags to show their success, but now they want to spend more on other activities," said Rupert Hogwerff. founder and president of Huron Research, quoted by the newspaper.
Avoiding risk was a common investment concept for those polled in 2018, the paper added, adding that wealthy investors were opting for fixed investment products to avoid risk, while the high-net-worth investors were choosing to avoid risk. Real estate would remain the most important investment option over the next two years.
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