Hurun released the China High Net Worth Individuals Brand Preference Report on March 29, revealing that in 2023, China’s high-end consumption market grew by 3% YoY to 1.66 trillion RMB ($261.57 billion). Notably, high-end services, including hotels and tourism, surged by nearly 20%, reaching 83 billion RMB ($13.07 billion). The market for traditional luxury goods rose by 8%, while high-end consumer electronics remained stable at 100 billion RMB ($15.75 billion).