2025 China High-Net-Worth Individuals Insight Report: Luxury, Travel & Lifestyle Redefined

As China’s economic dynamics shift in the wake of global uncertainty and domestic policy recalibration, the 2025 edition of the Hurun Best of the Best – China High-Net-Worth Individuals (HNWI) Quality of Life Report offers a data-rich window into how the country’s affluent class is redefining consumption, luxury, investment, and well-being. With 750 respondents, 45% were from Tier 1 cities, 41% from New Tier 1 cities, and 14% from Tier 2 cities. Including 32 ultra-high-net-worth individuals (UHNWIs) with assets over RMB 100 million, the report maps out evolving preferences across luxury goods, travel, alcohol, and experiential consumption—core sectors for any brand targeting this elite demographic.

Shifting Luxury Consumption: From Products to Experiences

The Chinese high-end consumption market contracted by 2% in 2024, totalling RMB 1.63 trillion. The drag came largely from traditional luxury categories—high-end jewellery (–10%), watches (–22%), and handbags—which led the overall luxury product segment to fall by over 8%.

Yet amid this contraction, there’s resilience and growth: experience-led luxury consumption surged, with high-end services such as hotels and travel up 17% YoY, reaching RMB 970 billion. This marks a continued pivot from material status symbols to experiential and service-driven expressions of wealth, such as private jet charters, luxury yachts, and cultural tourism.

Why the Shift?

• Younger, Experience-Focused Buyers – With an average age of 35, China’s HNWIs prioritize memorable moments over static possessions.

• Post-Pandemic Reassessment of Value – After years of lockdowns, travel, health, and family time now rank above handbag collections.

The New Luxury Travel Playbook: Where China’s Elite Are Going

Travel remains the most preferred form of entertainment for Chinese HNWIs, with respondents averaging 24 days of vacation per year and two outbound trips annually. Destinations like Maldives (45%), France (40%), Singapore (37%), and Dubai (34%) are consistently favoured, while Sanya (63%) and Yunnan (42%) top the domestic charts.

The luxury travel trend also leans toward short-haul indulgent experiences—from wild luxury retreats to luxury cruises—demonstrating a growing appetite for curated escapes. Themes such as cultural landmarks, sun-soaked beaches, and high-end resorts dominate travel planning.

Alcohol: Baijiu Dominates, Champagne Rises

China’s HNWIs exhibit distinct taste profiles in alcohol consumption. Baijiu remains king (24%), followed by wine (19%) and whisky (17%). Notably, champagne (14%) saw a 5% rise, driven by female consumers, signalling the category’s growing aspirational cachet.

On the brand front:

• Wuliangye leads Baijiu preferences (excluding Moutai)

• Louis XIII and Rémy Martin top the cognac category

• Macallan dominates single malt whisky, followed by Glenlivet and Glenfiddich

While the high-end alcohol market declined, it still accounts for RMB 2,000 billion—half of the premium alcohol sector.

High-End Auto: SUV Ascendance & Spending Rationalization

Despite a 12% drop in material consumption, including a RMB 120,000 average decrease in auto spending, the luxury car market grew 9%—highlighting a value-for-money pivot. The RMB 500,000–1,000,000 segment rose 12% while the ultra-luxury tier declined 13%, reflecting performance-conscious pragmatism.

SUVs lead preferred formats, with rising interest in luxury MPVs. Additionally, 43% of HNWIs now rely on dedicated chauffeurs, especially among the under-30 demographic.

The Mind Over Matter Shift: Investing in Education, Health, and Happiness

HNWI consumption is increasingly anchored in long-term value. Key spending categories for the next year include:

• Travel (61%)

• Children’s education (59%)

• Health & Wellness (54%)

Meanwhile, traditional entertainment and home renovation are deprioritized. The average age for children to study abroad is now 16, with rising early-stage overseas education demand, particularly in Singapore, the U.S., and the UK.

In parallel, personal happiness scores declined slightly to 8.5/10, with "family activities" (55%) surpassing wealth accumulation as the top source of joy. This underscores a significant psychological evolution among China’s elite.

Collectables and Gifting: From Symbolism to Sophistication

• 90%+ of HNWIs collect, with jewellery (52%), Chinese paintings (49%), and luxury watches (46%) leading the pack. Digital collectables are gaining ground, signalling the future of tech-integrated collecting.

• In gifting, Chanel remains the top brand for both men and women. For men: watches, Baijiu, and electronics dominate. For women: jewellery, cosmetics, and accessories remain top picks.

These preferences show a move towards rational, emotionally resonant gift-giving, with a focus on classic, high-quality, and functional luxury.

Investment Outlook: Stability with Strategic Realignment

Gold retains its status as the most preferred investment. Though overseas investment intent dipped slightly, Hong Kong and Singapore remain top destinations. Real estate's share in overseas investment declined, while stocks, FX, and insurance products grew in appeal.

Notably, emigration interest rose by 3.2%, with top relocation destinations being Singapore, North America, and Australia. These shifts reflect a desire for global stability, asset security, and lifestyle upgrades.

Final Thoughts: A Blueprint for Luxury, Travel, and Experience-Centric Brands

The 2025 HNWI report reveals a class of consumers that is:

• Younger (average age 35)

• More global in mindset

• Anchored in emotional intelligence and lifestyle design

In today’s market, prestige alone no longer guarantees attention. Winning in China’s evolving high-net-worth economy requires brands to pivot toward empathy, education, and experience. Whether through exclusive travel packages, curated gifting services, or wellness-driven product narratives, the opportunity is immense—if you know where to look.

Partner with China Trading Desk to turn these insights into action. From strategic market entry to real-time campaign optimization, we help global brands unlock China’s premium consumer landscape with precision and cultural fluency.