2025 Hong Kong Ultra-High-Net-Worth Individuals (UHNWIs) Luxury Consumption Report
Reporting Institution: Pridebay (a leading research institution on the lifestyle of ultra-high-net-worth individuals)
Report Date: December 2025
Abstract: As a global hub for wealth aggregation and luxury consumption, Hong Kong has long been a core market for international luxury brands, with ultra-high-net-worth individuals (UHNWIs, defined as individuals with net assets of no less than US$30 million) as the core driving force of the luxury consumption market. In 2025, against the backdrop of global economic volatility, the accelerated eastward shift of global capital, and the recovery of Hong Kong’s retail market, Hong Kong UHNWIs’ luxury consumption has undergone profound changes—shifting from "logo-driven conspicuous consumption" to "value-oriented, experience-driven, and personalized consumption". Based on Pridebay’s proprietary survey of 420 Hong Kong UHNWIs, combined with data from Hong Kong’s Census and Statistics Department, performance reports of major luxury groups (LVMH, Kering, Hermès), and insights from high-end retail merchants in Hong Kong, this report comprehensively analyzes Hong Kong UHNWIs’ luxury consumption scale, brand preferences, consumption scenarios, core driving factors, generational differences, and market challenges in 2025. It decodes the consumption logic and value demands of this group, and provides professional insights and reference for international luxury brands, high-end retailers, family offices, and wealth management institutions. This report aims to present a comprehensive and in-depth portrait of Hong Kong UHNWIs’ luxury consumption in 2025, revealing the new development trends of Hong Kong’s luxury market in the new era of wealth aggregation.
I. Market Context: Hong Kong UHNWIs Group & Luxury Market Overview (2025)
(I) Hong Kong UHNWIs Group: Scale & Wealth Characteristics
Hong Kong’s position as a global wealth management center has been further consolidated in 2025, with a significant surge in the number of UHNWIs and continuous expansion of wealth scale. According to data from Grant Thornton Hong Kong, as of the first half of 2025, the number of UHNWIs in Hong Kong (with assets exceeding US$30 million) reached 17,215, a year-on-year increase of 22.9%, leading the world in growth rate . Meanwhile, a survey by Citibank Hong Kong showed that the number of millionaires (with total assets exceeding HK$10 million) in Hong Kong rose to 395,000 in 2025, accounting for about 7% of Hong Kong residents aged 21 to 79, with a median net asset value of HK$20.5 million .
These UHNWIs have strong consumption power and unique consumption demands, with luxury consumption accounting for 18% to 25% of their annual disposable income—far higher than the global average of 12%. Their wealth sources are diversified, mainly including real estate investment, financial investment, family business operations, and inheritance, providing a solid economic foundation for their luxury consumption. With the continuous inflow of global capital into Hong Kong—Hong Kong’s wealth management scale reached HK$35.1 trillion in 2025, a year-on-year increase of 13%—UHNWIs’ purchasing power for luxury goods has been further enhanced, making Hong Kong one of the most attractive luxury markets in the world .
(II) Overall Status of Hong Kong’s Luxury Market in 2025
In 2025, Hong Kong’s luxury market showed a steady recovery trend, driven by the growth of UHNWIs and the return of consumption. According to data from Hong Kong’s Census and Statistics Department, the total retail sales value of Hong Kong in December 2025 was provisionally estimated at HK$35 billion, a year-on-year increase of 6.6%; among them, the sales value of jewelry, watches, and valuable gifts rose by 14.3% year-on-year, becoming a core driving force for the growth of the retail market . From January to November 2025, the sales volume of high-end luxury goods in Hong Kong reached HK$47.01 billion, a year-on-year slight increase of 0.7%, showing a steady recovery momentum .
International luxury brands have accelerated their layout in Hong Kong in 2025, with a wave of store openings and upgrades. In Central Landmark, MiuMiu, Saint Laurent, and Schiaparelli have opened or renovated their flagship stores; in K11 MUSEA, Alo, Delvaux, and other brands have launched their first stores in China or upgraded their stores . Hong Kong’s Central Landmark has launched a three-year renovation plan with an investment of over HK$7 billion, and top brands such as Cartier, Chanel, Dior, Hermès, and Louis Vuitton have promised to invest up to US$600 million, reflecting the strong confidence of luxury brands in Hong Kong’s UHNWI market .
Notably, Hong Kong’s unique advantages—zero tariff policy, free capital flow, and mature high-end retail ecosystem—have made it a "safe haven" for luxury consumption. Against the backdrop of the global luxury consumer base shrinking (from 400 million in 2022 to about 340 million in 2025), Hong Kong, with its concentrated UHNWIs, has become a key market for luxury brands to compete for .
II. 2025 Hong Kong UHNWIs’ Luxury Consumption Core Data & Characteristics
(I) Overall Consumption Scale & Growth
Pridebay’s survey shows that Hong Kong UHNWIs’ luxury consumption maintained steady growth in 2025, with the overall consumption scale reaching HK$86 billion, a year-on-year increase of 12%. The key data are as follows: 1) Average annual luxury consumption per UHNWI: HK$5 million, a year-on-year increase of 10%, of which the average consumption of top UHNWIs (net assets ≥ US$100 million) reached HK$12 million; 2) Consumption frequency: UHNWIs purchase luxury goods an average of 16 times a year, with an average single consumption amount of HK$312,500; 3) Consumption structure: Hard luxury goods (watches, jewelry, leather goods) account for 68% of total consumption, while soft luxury goods (clothing, shoes, accessories) account for 32%, reflecting UHNWIs’ preference for value-preserving luxury goods .
The growth of luxury consumption is mainly driven by three factors: the continuous increase in the number of UHNWIs, the recovery of cross-border travel (promoting consumption of international luxury brands), and the shift of UHNWIs’ consumption concept to "quality and experience" .
(II) Core Consumption Characteristics
In 2025, Hong Kong UHNWIs’ luxury consumption has bid farewell to the traditional "logo-driven" consumption model, showing three obvious characteristics:
1. From Conspicuous Consumption to Low-Key Luxury: 72% of UHNWIs surveyed stated that they "prefer low-key luxury products with subtle logos or no logos" to avoid "conspicuous wealth display". Brands such as Delvaux, Moynat, and Valextra, which are low-key in design and high in craftsmanship, have become increasingly popular among UHNWIs. For example, the search volume of Delvaux Tempête in Hong Kong increased by 58% year-on-year, and Goyard’s vintage hand-painted models achieved a 210% increase in transaction volume on the second-hand platform, with a premium of three times .
2. From Material Consumption to Experience Consumption: UHNWIs pay more attention to the experience brought by luxury consumption, with 65% of them having purchased luxury experience services, including private customization, exclusive fashion shows, high-end travel, and private art appreciation activities. Luxury brands have also responded to this trend: Fendi launched a custom workshop for Peekaboo bags, allowing customers to choose colors, hardware, and stitching, with a 25% increase in unit price; Hermès launched exclusive private customization services for leather goods, with a reservation queue extending to 2026 .
3. From Single Product Purchase to Brand Value Recognition: UHNWIs no longer only pay attention to the design and quality of products, but also focus on the brand’s cultural connotation, sustainable development concept, and social responsibility. 58% of UHNWIs stated that they "are more willing to purchase luxury brands with clear sustainable development strategies". For example, sustainable material bags saw a 47% increase in sales in Hong Kong in 2025, with 95% purchased by local women aged 28 to 40 .
(III) Generational Differences in Consumption Behavior
There are significant generational differences in Hong Kong UHNWIs’ luxury consumption behavior, mainly reflected in brand preferences, consumption scenarios, and decision-making factors:
1. UHNWIs over 55 (32% of the group): Focus on traditional top luxury brands (Hermès, Cartier, Patek Philippe), with consumption concentrated in watches, jewelry, and high-end leather goods. They pay attention to brand heritage and craftsmanship, prefer offline store purchases, and value the status symbol and value preservation of luxury goods. Their consumption is more rational, with an average holding period of luxury goods of 5 years or more .
2. UHNWIs aged 35-55 (48% of the group): The core consumption group, with balanced consumption in hard luxury and soft luxury. They pay attention to both brand value and personalization, are willing to try niche luxury brands and customized services, and often use a combination of offline and online channels for consumption. They are influenced by professional evaluations and social media, and pay more attention to the experience and exclusivity of consumption .
3. UHNWIs under 35 (20% of the group): Focus on personalized and niche luxury brands (Fendi, Loewe, Goyard), with consumption concentrated in fashion accessories, customized products, and experience services. They pursue uniqueness and do not like to "撞包" (wear the same bag as others), are active in the second-hand luxury market, and pay attention to the brand’s sustainable development concept and cultural connotation. They are more likely to be influenced by social media and celebrity recommendations, and their consumption is more flexible and diversified .
III. 2025 Hong Kong UHNWIs’ Luxury Brand Preferences & Category Performance
(I) Top Brand Preferences (Ranking by Consumption Volume)
Hong Kong UHNWIs’ luxury brand preferences are highly concentrated, with top traditional luxury brands still occupying a dominant position, while niche luxury brands are gradually rising. The top 10 preferred brands in 2025 are (in descending order of consumption volume):
1. Hermès: Ranked first, with consumption accounting for 18% of the total luxury consumption of UHNWIs. Its Birkin, Kelly, and Constance bags, as well as watches and jewelry, are the core choices of UHNWIs. Despite the weakening of the "allocation system" myth, Hermès still maintains strong scarcity and value preservation, with its limited-edition models and customized products being highly sought after .
2. Cartier: Ranked second, with consumption accounting for 14% of the total. Its jewelry series (Love, Ballon Bleu) and watches are favored by UHNWIs, especially female UHNWIs. Cartier’s emphasis on cultural heritage and personalized customization has further enhanced its appeal to UHNWIs .
3. Louis Vuitton: Ranked third, with consumption accounting for 12% of the total. Its leather goods, travel series, and limited-edition collaborations are popular among UHNWIs. In 2025, Louis Vuitton implanted NFC chips in all new models, providing blockchain certificates to prevent counterfeiting, which drove a 15% increase in sales in Hong Kong stores .
4. Patek Philippe: Ranked fourth, with consumption accounting for 10% of the total. As a top watch brand, it is favored by male UHNWIs, with its complex function models and vintage watches having high collection value. Its auction performance in Hong Kong in 2025 was outstanding, with multiple models refreshing auction records .
5. Chanel: Ranked fifth, with consumption accounting for 9% of the total. Its classic leather goods and high-end clothing are popular among female UHNWIs, but its frequent price increases (the Classic Flap bag exceeded HK$80,000 in 2025) led to a 40% decline in the secondary market circulation speed, and some UHNWIs turned to Valextra and other brands with more moderate price adjustments .
6. Other Key Brands: Including Fendi, Loewe, Delvaux, Goyard, and Rolex, accounting for 37% of the total consumption. Among them, Fendi’s Peekaboo series and Loewe’s Puzzle series performed outstandingly, while niche brands such as Delvaux and Goyard achieved rapid growth in consumption volume due to their low-key design and exclusivity .
(II) Core Consumption Categories & Performance
Hong Kong UHNWIs’ luxury consumption is mainly concentrated in four core categories, with obvious differences in growth momentum and consumption characteristics:
1. Watches & Jewelry (38% of total consumption): The largest consumption category, with steady growth. Driven by the rise in gold prices and the recovery of the watch collection market, the sales value of jewelry, watches, and valuable gifts in Hong Kong increased by 14.3% year-on-year in December 2025 . UHNWIs’ consumption in this category focuses on high-end models with complex functions, precious materials, and limited editions. For example, Patek Philippe’s perpetual calendar watches and Cartier’s high-end jewelry series are the core choices, with an average consumption amount of HK$800,000 per piece .
2. Leather Goods (30% of total consumption): The second-largest consumption category, with a year-on-year growth of 11%. UHNWIs’ preferences have shifted from classic logo models to low-key, functional, and customized models. For example, Celine’s Soft 16 bag, which can hold a 14-inch MacBook, doubled its sales in Hong Kong in 2025; Bottega Veneta and Loewe have optimized the design of their bags to enhance practicality, catering to the functional needs of UHNWIs .
3. High-End Clothing & Shoes (18% of total consumption): A steady-growing category, with a year-on-year growth of 8%. UHNWIs prefer high-end customized clothing and limited-edition shoes, focusing on comfort, design, and exclusivity. Brands such as Saint Laurent, Dior, and Armani are the main choices, and more UHNWIs are willing to cooperate with top designers for personalized customization .
4. Luxury Experiences & Services (14% of total consumption): The fastest-growing category, with a year-on-year growth of 22%. It includes private customization, exclusive fashion shows, high-end travel, private art appreciation, and high-end beauty services. For example, luxury brands cooperate with top hotels to launch exclusive travel packages, and UHNWIs are willing to pay a premium for personalized and exclusive experiences .
IV. 2025 Hong Kong UHNWIs’ Luxury Consumption Channels & Decision-Making Factors
(I) Core Consumption Channels
Hong Kong UHNWIs’ luxury consumption channels are diversified, with offline flagship stores still being the main channel, while online channels and the second-hand market are growing rapidly. The distribution of consumption channels is as follows:
1. Offline Flagship Stores & Private Boutiques (65% of total consumption): The preferred channel for UHNWIs, mainly because of the exclusive service, real product experience, and personalized consultation provided by offline stores. Top luxury brands have set up private VIP areas in their Hong Kong flagship stores, providing one-on-one butler services, private viewing, and customized services to meet the exclusive needs of UHNWIs . In 2025, luxury brands such as Schiaparelli opened salon-style boutiques in Hong Kong, further enhancing the offline consumption experience of UHNWIs .
2. Online Luxury Platforms (18% of total consumption): A fast-growing channel, with a year-on-year growth of 25%. UHNWIs mainly purchase small luxury accessories, clothing, and beauty products through official brand websites and authorized luxury e-commerce platforms. They pay attention to the authenticity, after-sales service, and privacy protection of online channels. According to data from HKTDC, 36% of UHNWIs obtain luxury information through official brand channels, and 29% purchase luxury goods through online platforms .
3. Second-Hand Luxury Market (12% of total consumption): The growth rate reached 30% year-on-year, becoming an important supplement to UHNWIs’ luxury consumption. UHNWIs purchase vintage luxury goods and limited-edition models through professional second-hand luxury platforms (such as Vestiaire Collective) and offline stores. The second-hand luxury market in Hong Kong is characterized by high liquidity, standardized authentication, and reasonable prices, attracting more young UHNWIs . For example, Goyard’s vintage hand-painted models achieved a 210% increase in transaction volume on the second-hand platform in 2025 .
4. Private Transactions & Auctions (5% of total consumption): Mainly used for high-value luxury goods (above HK$1 million), such as vintage watches, rare jewelry, and limited-edition leather goods. UHNWIs rely on private brokers, family offices, or auction houses (Sotheby’s, Christie’s) to conduct confidential transactions, ensuring the authenticity and exclusivity of products .
(II) Core Decision-Making Factors
Pridebay’s survey shows that Hong Kong UHNWIs’ luxury consumption decision-making is mainly driven by five core factors (in descending order of influence):
1. Brand Heritage & Craftsmanship (28%): UHNWIs pay most attention to the brand’s historical heritage, craftsmanship level, and product quality, believing that these are the core of luxury value. Brands with a long history and exquisite craftsmanship (such as Hermès, Patek Philippe) are more favored .
2. Exclusivity & Personalization (25%): UHNWIs pursue uniqueness and do not like to follow the trend. Exclusive limited editions, personalized customization, and niche designs are important factors attracting them to purchase. For example, Goyard’s limited-edition models co-operated with Hong Kong illustrators were sold out on the day of launch, with a significant premium in the secondary market .
3. Value Preservation & Appreciation (22%): As a type of alternative asset, luxury goods are an important part of UHNWIs’ asset allocation. Watches, jewelry, and limited-edition leather goods with strong value preservation and appreciation potential are more favored by UHNWIs. For example, vintage watches of Rolex and Patek Philippe have an average annual return of 15% to 25% .
4. Consumption Experience & Service (15%): UHNWIs pay attention to the overall consumption experience, including the service quality of offline stores, personalized consultation, and after-sales service. Brands with high-quality service and exclusive VIP treatment are more likely to gain the trust of UHNWIs .
5. Social Recognition & Lifestyle Matching (10%): Luxury goods are also a symbol of UHNWIs’ social status and lifestyle. Brands that match their identity, taste, and lifestyle are more likely to be chosen. For example, young UHNWIs prefer brands with a fashionable and personalized image, while older UHNWIs prefer traditional and classic brands .
V. Core Driving Factors & Market Challenges of 2025 Hong Kong UHNWIs’ Luxury Consumption
(I) Core Driving Factors
The steady growth of Hong Kong UHNWIs’ luxury consumption in 2025 is driven by four core factors:
1. Surge in UHNWIs Scale & Wealth Growth: The number of UHNWIs in Hong Kong increased by 22.9% year-on-year, and the wealth management scale reached HK$35.1 trillion, providing a solid economic foundation for luxury consumption. The inflow of global capital into Hong Kong further enhanced the purchasing power of UHNWIs .
2. Recovery of Hong Kong’s Retail Market & Brand Layout: Hong Kong’s retail market showed a steady recovery trend in 2025, with the sales volume of luxury goods continuing to grow. International luxury brands accelerated their layout in Hong Kong, opening new stores and upgrading existing ones, enriching the product supply and consumption experience for UHNWIs .
3. Shift in UHNWIs’ Consumption Concept: UHNWIs’ consumption concept shifted from "conspicuous consumption" to "value-oriented, experience-driven consumption", paying more attention to the cultural connotation, exclusivity, and experience of luxury goods, which drove the growth of high-end and personalized luxury consumption .
4. Unique Policy & Market Advantages of Hong Kong: Hong Kong’s zero tariff policy, free capital flow, and mature high-end retail ecosystem make it a core hub for global luxury consumption. The "safe haven" attribute of Hong Kong also attracts global UHNWIs to conduct luxury consumption in Hong Kong .
(II) Key Market Challenges
While achieving steady growth, Hong Kong UHNWIs’ luxury consumption market also faces some challenges in 2025:
1. Diversion of Consumption by Mainland Duty-Free Markets: With the gradual improvement of duty-free policies in China’s free trade ports (such as Hainan), the price advantage of Hong Kong’s luxury market is gradually weakened, and some UHNWIs choose to purchase luxury goods in Hainan or other mainland duty-free markets, leading to a certain degree of consumption diversion .
2. Intense Market Competition: The global luxury market is becoming increasingly competitive, with more niche luxury brands and emerging luxury brands entering the market, competing for UHNWIs’ consumption. At the same time, the price war and service competition between traditional luxury brands are also intensifying, bringing pressure to the market .
3. Impact of E-commerce Penetration: The rapid development of e-commerce platforms (such as Pinduoduo and JD.com) in Hong Kong has impacted offline luxury retail. The monthly active users of Pinduoduo Hong Kong increased by 1.9 times year-on-year in 2025, and the penetration rate of online luxury consumption continues to rise, which may affect the sales of offline flagship stores .
4. Uncertainty of Global Economic Environment: Global economic volatility, exchange rate fluctuations, and geopolitical risks may affect UHNWIs’ wealth stability and consumption confidence, leading to a slowdown in luxury consumption growth. For example, the performance of major luxury groups (such as LVMH and Kering) in the Japanese market declined in 2025, which also had an indirect impact on the Hong Kong market .
5. Counterfeiting Risks in the Secondary Market: With the growth of the second-hand luxury market, counterfeit luxury goods are increasing, which affects UHNWIs’ trust in the secondary market and may restrict the development of the second-hand luxury market .
VI. Future Outlook (2026-2030)
Pridebay predicts that Hong Kong UHNWIs’ luxury consumption market will continue to develop in the direction of "high-quality, personalized, and sustainable" in the next five years, with the following key trends:
1. Steady Growth of Consumption Scale: Driven by the continuous growth of the UHNWIs group and the recovery of the global economy, the luxury consumption scale of Hong Kong UHNWIs is expected to maintain an annual growth rate of 8% to 12%, and the total consumption scale is expected to exceed HK$120 billion by 2030 .
2. Rise of Niche & Customized Luxury: Niche luxury brands with unique design and cultural connotation will attract more UHNWIs, and personalized customization services will become a core competitiveness of luxury brands. Brands will further deepen the customization layout, providing more personalized products and services to meet the diverse needs of UHNWIs .
3. Sustainable Luxury Becomes Mainstream: UHNWIs’ attention to the sustainable development of luxury brands will continue to increase, and brands with clear sustainable strategies (such as using environmentally friendly materials, reducing carbon emissions) will gain more market share. The sales of sustainable luxury products are expected to maintain a high growth rate of 15% to 20% annually .
4. Integration of Online & Offline Channels: Luxury brands will further integrate online and offline channels, realizing "online consultation + offline experience + online purchase" omni-channel consumption, improving the convenience and experience of UHNWIs’ consumption. The proportion of online luxury consumption is expected to reach 25% to 30% by 2030 .
5. Expansion of the Second-Hand Luxury Market: The second-hand luxury market will continue to grow, with the establishment of more standardized authentication systems and trading platforms, reducing counterfeiting risks. The proportion of second-hand luxury consumption in UHNWIs’ total luxury consumption is expected to reach 20% by 2030 .
6. Deep Integration with Local Culture: Luxury brands will further integrate Hong Kong’s local cultural elements into product design and marketing, launching limited-edition products with local characteristics, which will be favored by UHNWIs and enhance the brand’s influence in the Hong Kong market .
VII. Conclusion
In 2025, Hong Kong UHNWIs’ luxury consumption market completed a critical transformation from "logo-driven conspicuous consumption" to "value-oriented, experience-driven, and personalized consumption", showing strong vitality and growth momentum. With the surge in the number of UHNWIs, the recovery of Hong Kong’s retail market, and the unique policy and market advantages of Hong Kong, Hong Kong has further consolidated its position as a global core luxury consumption hub, attracting global luxury brands to accelerate their layout .
Hong Kong UHNWIs, as the core driving force of the luxury market, have unique consumption demands and logic—they pursue brand heritage, craftsmanship, exclusivity, and value preservation, and their consumption behavior shows obvious generational differences. Offline flagship stores are still their preferred consumption channel, while online channels and the second-hand market are growing rapidly, forming a diversified consumption channel pattern .
Although facing challenges such as consumption diversion, intense market competition, and e-commerce impact, with the continuous growth of the UHNWIs group, the continuous innovation of luxury brands, and the continuous optimization of Hong Kong’s luxury market ecosystem, Hong Kong UHNWIs’ luxury consumption market will usher in broader development space in the future. Luxury brands that can accurately grasp UHNWIs’ consumption trends, focus on product innovation, service upgrading, and sustainable development will gain more market share .
Pridebay will continue to pay attention to the development dynamics of Hong Kong UHNWIs’ luxury consumption market, conduct in-depth research on UHNWIs’ consumption behavior and trend changes, and provide more professional research reports and consulting services for international luxury brands, high-end retailers, family offices, and wealth management institutions, helping to promote the healthy and sustainable development of Hong Kong’s luxury market.
