At the end of March 2012, the Chinese Industrial Bank and the Hurun Report Research Institute released a report titled The Chinese Luxury Consumer White Paper 2012, which looked at private banking in China and the evolving lifestyle of the Chinese luxury consumer, a key market for wine brands. Below are the highlights of the report.
— There are 2.7 million high net worth individuals (HNWIs) in China with personal assets of more than 6 million Chinese yuan (equivalent to US$950,000) and 63,500 ultra-high net worth individuals(UHNWIs) with assets of more than 100 million Chinese yuan (US$15.8 million)
— Chinese luxury consumers expect their private banks to provide value-added services relating to luxury travel, health care and children’s education
— 70% of those who have read an Executive MBA want to study a second one– 85% plan to send their children to study abroad
— The luxury consumer exercises 2.3 times a week– High net worths are on the road 6.9 days a month, with ultra high net worths 9 days
— Two thirds have started a collection: watches and classical Chinese paintings are most popular– Half have a religious belief
— 10% of annual spend goes on gifting. 80% of gifting is for business.
— 73% of individuals purchase luxury goods in Hong Kong. 28% purchase goods in the Mainland
— Internet surpasses television as the main source of obtain shopping information
— 20% have little confidence in their knowledge of what they are collecting
— Li Kaifu’s Weibo or micro-blog is most popular, followed by Wang Shi, Pan Shiyi, Ren Zhiqiang and Shi Yuzhu
— 35% own pets
–13% of UHNWIs intend to purchase a corporate aircraft