Chinese HNWI trends 2025: Hurun luxury consumer survey

Chinese high-net-worth individuals (HNWIs) now prioritize travel above all other spending categories, according to the 2025 Hurun Chinese Luxury Consumer Survey released on March 21. The report, now in its 21st year, reveals a significant shift toward experiential luxury among China’s elite. Travel has surpassed health and wellness as the top category for increased spending, according to the survey of 750 individuals with an average household net worth of RMB 47.5 million ($6.55 million). Respondents averaged 35 years of age, with 45% hailing from first-tier cities. Chinese elites take more, longer, and farther-reaching holidays Chinese HNWIs now enjoy 24 vacation days annually, up from 18 days two decades ago, with ultra-HNWIs averaging 27 days. Forty-one percent take 30-plus vacation days yearly and travel abroad twice annually on average. The Maldives has maintained its position as the top overseas destination for four consecutive years, while France has remained in the top three for nearly two decades. Dubai has moved up, jumping from 11th place in 2020 (14%) to 4th place in 2025 (34%). Singapore has also gained popularity, chosen by 32% this year compared to 23% in 2022. For domestic travel, Sanya, Hainan, and Yunnan province remain top destinations, with Hong Kong ranking third. Respondents spend up to 225,000 RMB ($31,000) on leisure travel annually, with 48% planning to increase international travel in the coming year. Experience over material goods While travel flourishes, traditional luxury markets face headwinds. Hurun estimates that China’s luxury market contracted by 3% YoY, falling to $230 billion in 2024. High-end watches declined by 22%, luxury jewelry fell by 10%, and premium handbags dropped by 9%. Meanwhile, luxury experiences thrive. The market for high-end services including hotels and travel grew 17% year-on-year. “The average household consumption of China’s HNWIs was down 12% in the past year,” says Rupert Hoogewerf, chairman of Hurun, the research organization responsible for the Hurun Rich List. “This has forced high-end brands to deliver higher quality for a lower price.” Evolving brand loyalties, lifestyle preferences Chinese HNWIs are reshaping brand hierarchies across sectors. Huawei has maintained its position as the preferred mobile phone brand for the second consecutive year, ahead of Apple, with Xiaomi rising to third. Turning to automotive preferences, Chinese electric vehicle brands (35%) have collectively overtaken German luxury manufacturers (34%). American brands including Tesla are preferred by 12%, while Japanese brands trail at 4%. For gifting, watches remain the top choice for men, while jewelry continues to be the leading option for women. Running has replaced golf as the preferred exercise activity, reflecting broader lifestyle shifts over two decades. Historical, cultural experiences gain ground Beyond destination preferences, Chinese HNWIs increasingly seek specific travel themes. Historical sites (13%), sunshine beaches (12%), and luxury resorts (11%) comprise the top travel themes. Cultural tourism has seen strong growth, while “short-distance luxury travel” and “ocean cruises” have emerged as new categories of interest. Meet the modern Chinese luxury consumer Today’s typical Chinese luxury consumer is 35 years old, with family assets of 47.5 million RMB ($6.55 million), and resides in a 270-square-meter home. They spend seven days monthly on business travel and expect financial freedom by age 46. “The lifestyle, investment, and brand preferences of the luxury consumers in China has changed dramatically in the past 20 years," Hoogewerf says. “Preferred travel destinations have shifted from Australia, France and the U.S. to the Maldives, Singapore and Dubai; preferred sports have shifted from golf to running.” These evolving preferences not only reshape China’s luxury industry and market but carry significant implications for global luxury markets and travel destinations seeking to capture this influential consumer segment in 2025 and beyond.

China’s rich say bon voyage to traditional luxury: Survey

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China’s rich say bon voyage to traditional luxury: Survey