Despite a relative slowdown in the country´s economic growth, China´s luxury price index saw the fastest rise in five years outpacing the CPI, show the latest report by the Hurun Institute, according to the Shanghai Daily. Luxury property, health and education are the driving forces, says Rupert Hoogewerf, Hurun Chairman.
The Shanghai Daily:
The gauge of China’s luxury buying power, based on a basket of 124 luxury goods and services, rose 5.1 percent in June from the same month of last year. Comparatively the country’s CPI rose a mere 1.9 percent, the National Bureau of Statistics said.
“Luxury property, health and education drove up the Luxury Consumer Price Index this year, coupled with a decrease in the value of the yuan against most major currencies,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.
About 60 percent of the surveyed luxuries cost more than last year.
Property was the biggest riser, gaining over 13 percent — a big turnaround from last year’s 1.9 percent decline.
High-end health care costs rose for a third consecutive year, up 11.7 percent, while top education continued its decade-long uptrend with a 6.2 percent price hike.
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