China’s HNWIs 2025: Discreet Prestige, Evolving Values, and How to Win the Future of Luxury

Based on data from Hakuhodo and Hurun, the article offers an in-depth examination of how China’s affluent consumers are redefining their spending habits, brand engagement, and lifestyle priorities. Combining robust quantitative analysis with nuanced behavioural insights, the report equips brands with the intelligence needed to connect more effectively with this influential and highly discerning segment.

Spending Power and Lifestyle Priorities

China’s high-net-worth individuals (HNWIs), defined as households with more than RMB 6 million in investable assets, represent a powerful yet increasingly selective consumer group. While their overall number dipped slightly to 5.13 million households in 2024, the concentration of wealth in cities like Beijing, Guangdong, and Shanghai ensures continued market potential.

Monthly discretionary spending illustrates the gap between HNWIs and the middle class. As shown in the data for 2025, only 20% of HNWIs spend less than RMB 10,000 per month, compared to 49% of the middle class. In contrast, 48% of HNWIs spend between RMB 30,000 and RMB 69,999 monthly, and 15% spend RMB 70,000 or more—five times the share of middle-class consumers at that level. This disparity highlights the resilience of high-end demand even in more cautious economic conditions.

The Drive Towards Consumption Upgrading

The appetite for premium goods and services remains strong. Eighty-three per cent of HNWIs say they are inclined to “upgrade” their consumption and brand choices, compared to 72% of the middle class. This preference aligns with the broader shift from mere accumulation towards enhancing quality of life through better products, services, and experiences.

Interestingly, this willingness to spend more is accompanied by a nuanced approach to status display. Two-thirds (67%) of HNWIs express a desire to become more low-key and avoid unnecessary attention, while 70% still want to differentiate themselves from the general population. This dual mindset—seeking exclusivity while avoiding ostentation—presents opportunities for brands that can offer discreet yet recognisable markers of distinction.

Evolving Attitudes Towards Luxury

Luxury goods still carry social significance, with 77% of HNWIs agreeing that they serve as a form of identity or “social ticket”. However, there is a growing openness to alternatives: 49% are considering replacing some luxury purchases with domestic or non-luxury brands, and 41% believe luxury is not essential, as many domestic options are equally satisfactory. This suggests that while the prestige of luxury remains intact, the competitive field is widening, especially for culturally resonant Chinese brands.

Travel: Safety and Selectivity

Travel remains a major lifestyle choice for HNWIs, but preferences have shifted. In the past two years, 59% have increased their domestic travel, with 9% reporting a large increase and 50% a moderate increase. For outbound travel, only 25% have increased their trips, while 39% have reduced them.

Safety concerns are a key driver. A Beijing-based HNWI in their 40s, married with children and holding assets of RMB 6–9.99 million, explained: “Due to the influence of news and media, I feel that the public security abroad is relatively poor. Safety is the most important factor when I travel, so in the past two years I have travelled more domestically, and when going abroad, I try to choose countries with good public security.” When travelling overseas, destinations such as Japan are highly favoured for their proximity, cultural familiarity, strong service standards, and overall safety. Whether at home or abroad, many HNWIs prefer luxury accommodation, wellness experiences, and cultural enrichment arranged through private or small-group itineraries.

Implications for Brands

The high-net-worth market in China remains vibrant but is evolving in ways that demand strategic adaptation. Several implications stand out:

• Quality and Relevance: Products must deliver functional benefits alongside aesthetic appeal, meeting both practical and emotional needs.

• Cultural Alignment: Domestic brands can leverage national pride and heritage storytelling to compete with established international players.

• Wellness Integration: With health as a top life priority, luxury brands can benefit from partnerships with premium wellness providers.

• Selective Exclusivity: Experiences that offer privacy and insider recognition will resonate strongly with the “low-key but different” mindset.

• Travel Synergy: Positioning products within exclusive domestic and international travel experiences can reinforce brand desirability.

  
  

Your Next Growth Market: China’s HNWIs

China’s HNWIs in 2025 are characterised by both spending resilience and shifting values. They remain committed to upgrading their lifestyles, yet are increasingly thoughtful about how they express wealth. Brands that can combine discreet prestige, cultural resonance, and meaningful experiences will be best positioned to earn the loyalty of this discerning audience.

“Position your brand where prestige meets authenticity—start engaging China’s HNWIs today.”