The Hurun Research Institute today released the Hurun Chinese Luxury Consumer Survey & Hurun Best of the Best Awards 2024

(29 March 2024, Shanghai) The Hurun Research Institute today released the Hurun Chinese Luxury Consumer Survey & Hurun Best of the Best Awards 2024. This is the 20^th consecutive year Hurun Research has revealed the brand preferences, consumption habits and lifestyle trends of China’s wealthiest individuals. Widely regarded as an ISO9000 for China’s luxury sector, the CLCS has become a benchmark for the luxury sector.

750 respondents completed the survey: high-net-worth individuals in China, with an average family wealth of CNY45mn and investable wealth of CNY12mn. Of those surveyed, 33 were ultra-high net worth individuals with more than CNY100mn (US$15mn). 47% live in China’s first-tier cities; the average age was 36; the ratio of male to female was 50:50; 86% are married (mostly families with one child).

Hurun Report Chairman and Chief Researcher Rupert Hoogewerf said:

“This year marks the 20^th anniversary of the Hurun Best of the Best Awards, our 20^th year of tracking the brand choices and lifestyle changes of China’s luxury consumers.”

“Although the size of the luxury car market, defined as cars costing over CNY500,000, has continued to shrink, the size of other premium industries has basically increased, especially the likes of luxury travel and traditional luxury, bringing the overall size of China's premium market up 3% to CNY1.7tn. In China, this is one of the rare trillion-Yuan industries, others including elderly care, automobiles, real estate, etc... China’s luxury consumers are now undoubtedly the world's biggest spenders when it comes to luxury in the world.”

“With the global economy facing many uncertainties, the Hurun Economic Confidence Index of China's high net worth individuals has declined for the second year, but is still at a high level compared with the past. This year, the Hurun Happiness Index is at its highest level for a decade, especially for Generation X and in terms of family life.”

“In the coming year, China’s HNWIs surveyed plan to increase their investments in gold, funds and bank deposits, and decrease their investments in real estate, both for residential and commercial, and art.”

“Gifting continues to be on the rise again, with Chinese HNWI males preferring to gift watches, baijiu and electronic products.”

“The priorities of China's HNWIs have changed dramatically. ‘Health’ becomes the most important thing. High net worth individuals also increased their enthusiasm for exercise by 20%. The UHNWIs demand nutritionists and family doctors more than investment advisers.”

The luxury market.  Hurun Research estimates the total size of the Chinese luxury market to be up this year by 3% to US$240 billion. The luxury market includes premium cars (defined as cars worth over CNY 500,000), traditional luxury (fashion, cosmetics, jewelry, leather goods, watches, etc…), premium drinks and smokes, high-end consumer electronics, luxury services (hotels, travel and healthcare), premium foods, etc…

This is a brief English language summary of the full Chinese press release which can be found at www.hurun.net. For media enquiries please contact our public relations team whose contact details can be found at the end of this report.

Awards

The Hurun Research Institute today released the Hurun Best of the Best Awards 2024, based on the results of the Hurun Chinese Luxury Consumer Survey 2024.

The Best of the Best is for the overall winner of a category. The Star Performer is for the product/service with the best year on year performance. The Best New Arrival is for a product/service launched into China in the past 12 months that has shaken up the market.

Hurun Best of the Best Awards 2024

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai

Established in the UK in 1999, Hurun is a research, media and investments group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 8 billion views on the Hurun brand last year, mainly in China and India.

Best-known today for the Hurun Rich List series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s other key series is the Hurun Start-up series, ranking the world’s unicorns and future unicorns, as well as giving recognition to young start-up founders.

Hurun has grown to become the world’s largest researcher and list compiler of startups, ranking 4000 startups across the world through its annual Unicorns list (US$1bn+), and two future unicorn lists (Gazelles from US$500mn, and Cheetahs from US$300mn).

For the young start-up founders, Hurun has created the Under30s, Under35s and Under40s awards, representing the cream of young entrepreneurs who have founded businesses with a social impact and worth around US$10mn, US$50mn and US$100mn respectively.

Other lists include the Hurun Global Highschools List, ranking the world’s best independent highschools, the Hurun Philanthropy List, ranking the biggest philanthropists, the Hurun Art List, ranking the world’s most successful artists alive today, etc…

Hurun provides research reports co-branded with some of the world’s leading financial institutions, real estate developers and regional governments.

Hurun hosts high-profile events across China and India, as well as London, Paris, New York, LA, Toronto, Sydney, Luxembourg, Istanbul, Dubai and Singapore.

For further information, see www.hurun.net.

For media inquiries, please contact:

Hurun Report

Porsha Pan

Tel: +86-21-50105808*601

Mobile: +86-139 1838 7446

Email: porsha.pan@hurun.net

Grace Liu

Tel: +86-21-50105808

Mobile: +86 136 7195 4611

Email: grace.liu@hurun.net