China’s high-net-worth individuals (HNWIs) remain a formidable yet evolving consumer force. Despite a slight decline to 5.13 million households in 2024, their spending power is resilient—48% spend RMB 30,000–69,999 monthly, with 15% exceeding RMB 70,000. Eighty-three per cent seek “consumption upgrading”, balancing exclusivity with low-key discretion. While 77% value luxury as a status marker, many are open to premium domestic alternatives. Travel preferences prioritise safety, boos...
