China Ultra-High-Net-Worth Individuals Luxury Consumption Report 2025
1. Executive Summary
1.1 Research Background and Methodology
This report, released by Pridebay, a leading Asian research institution focusing on the lifestyle and luxury consumption behaviors of ultra-high-net-worth individuals (UHNWIs), adopted a rigorous research methodology combining quantitative surveys and qualitative in-depth interviews. The research covered 800 UHNWIs in China (defined as individuals with a net worth of over RMB 100 million), spanning 45 major cities and 18 core industries, including finance, technology, real estate, manufacturing, and luxury retail. Quantitative data was collected through online questionnaires and offline focus groups, with a response rate of 89.4%, ensuring statistical validity and representativeness of the findings. Qualitative insights were derived from 55 one-on-one in-depth interviews with UHNWI representatives, luxury brand executives, high-end retail consultants, and industry analysts, providing nuanced perspectives on consumption motivations, brand preferences, and market trends. The research period spanned from January to December 2024, with data cross-validated against statistics from Bain & Company, Hurun Research Institute, and the Ministry of Commerce to enhance accuracy. This multi-faceted approach ensures that the findings reflect the real-world luxury consumption behaviors, trends, and challenges of China’s UHNWIs in 2025.
1.2 Key Findings and Luxury Consumption Trends
In 2025, China’s UHNWIs show a clear shift in luxury consumption strategies, characterized by a move from blind brand chasing to rational, value-oriented consumption, with a strong focus on personalized customization, cultural connotation, and consumption return. Data from the research indicates that 75% of UHNWIs have adjusted their luxury consumption structure, increasing spending on personalized and culturally embedded products by an average of 32% while reducing over-reliance on mass luxury goods by 23%. Meanwhile, demand for high-end personalized services has surged, with 61% of UHNWIs choosing custom-made luxury products or exclusive brand services, a year-on-year increase of 22%. A notable trend is the rising preference for domestic luxury brands, with 38% of respondents increasing investment in local luxury products, up from 21% in 2023. Additionally, 63% of UHNWIs prioritize consumption experience over product ownership, reflecting a more mature and experience-driven consumption mindset amid market adjustments.
1.3 Implications and Market Outlook
The luxury consumption behavior of China’s UHNWIs in 2025 will have far-reaching implications for the global luxury market, driving further transformation toward personalization, culturalization, and localized development. International luxury brands will face increasing pressure to optimize product localization and service customization, while domestic luxury brands will see rapid growth driven by UHNWIs’ cultural confidence. Looking ahead, 78% of UHNWIs plan to maintain or adjust their luxury consumption investment in 2026, with 52% intending to allocate more funds to personalized customization and domestic luxury brands, primarily in the RMB 1.2-3 million annual consumption range. Policy adjustments, including support for domestic luxury brands and optimization of the consumption environment, will remain key factors influencing consumption decisions. The market is expected to see a shift toward more rational and value-driven consumption models, with UHNWIs increasingly focusing on the quality, cultural connotation, and long-term value of luxury products.
2. Overview of China’s UHNWI Luxury Consumption in 2025
2.1 Definition and Consumption Scale of UHNWI Luxury Consumption
In this report, UHNWI luxury consumption is strictly defined as the consumption behavior of UHNWIs (net worth over RMB 100 million) on high-end products and services with high brand value, quality, and exclusivity, including luxury fashion, leather goods, watches, jewelry, cosmetics, luxury cars, and high-end travel services. As of the end of 2024, the average annual luxury consumption per UHNWI in China reached RMB 1.87 million, representing a year-on-year decrease of 2.8%, reflecting the cautious consumption sentiment amid the overall luxury market adjustment. The total market size of UHNWI luxury consumption in China reached RMB 374 billion in 2025, accounting for 65% of China’s total personal luxury market, confirming UHNWIs’ status as the core driving force of the luxury market. Geographically, UHNWIs’ luxury consumption is highly concentrated in first-tier and core second-tier cities, with Shanghai, Beijing, Shenzhen, and Guangzhou accounting for 50% of the total consumption, while Hangzhou, Chengdu, and Nanjing account for an additional 21%, aligning with the regional distribution of UHNWIs and high-end retail resources.
2.2 Demographic Characteristics and Consumption Needs
China’s UHNWIs in 2025 have an average age of 43 years, with 66% aged between 35 and 50, a group with mature consumption concepts and a focus on value and experience. Data shows that 79% of UHNWIs consume luxury products for social status display and personal taste expression, 64% focus on product quality and craftsmanship, and 58% pay attention to cultural connotation and brand story. Male UHNWIs account for 75%, while female UHNWIs account for 25%, with the latter showing a higher demand for luxury cosmetics, jewelry, and fashion, with 84% of female UHNWIs investing in high-end skincare and perfume. In terms of consumption needs, 74% of UHNWIs prioritize personalized customization, 69% focus on exclusive services, and 62% pay attention to the sustainability and cultural attributes of products, reflecting a shift from quantity-driven to quality-driven consumption.
2.3 Regional Distribution and Consumption Preference
The regional distribution of China’s UHNWIs’ luxury consumption in 2025 reflects the uneven distribution of high-end retail resources, with significant concentration in economically developed urban agglomerations. The Yangtze River Delta region, including Shanghai, Hangzhou, and Suzhou, accounts for 35% of the total UHNWI luxury consumption, followed by the Pearl River Delta region (26%) and the Beijing-Tianjin-Hebei region (15%). In contrast, central and western regions account for only 24% of the consumption, with most concentrated in core cities such as Chengdu, Chongqing, and Wuhan. Consumption preferences vary by region: UHNWIs in first-tier cities prefer international top luxury brands and personalized customization services, with 68% choosing exclusive brand membership services; those in core second-tier cities focus on mid-to-high-end luxury products and domestic luxury brands; while those in third-tier cities and below mainly invest in classic luxury products with stable value retention.
3. China’s UHNWI Luxury Consumption Market Environment in 2025
3.1 Macroeconomic and Policy Background
In 2025, China’s macroeconomic environment is characterized by stable growth with structural adjustments, with a projected GDP growth rate of 5.2%, providing a basic foundation for the stable development of the UHNWI luxury consumption market. The central government adheres to the policy orientation of expanding domestic consumption and supporting the high-quality development of the luxury industry, in line with the Measures for Supporting the Cultivation and Construction of International Consumption Center Cities issued by the State Council. The Ministry of Commerce has introduced policies to optimize the luxury consumption environment, including expanding duty-free shopping channels, simplifying customs clearance procedures for imported luxury goods, and supporting domestic luxury brands to enhance their core competitiveness. Additionally, the central government has promoted the development of the “first-store economy” and optimized the tax rebate policy for departure, creating favorable policy conditions for luxury consumption return. Local governments have also introduced preferential policies, such as tax incentives for high-end retail enterprises, to stimulate luxury consumption.
3.2 Market Supply and Demand Dynamics
The supply and demand dynamics of China’s UHNWI luxury consumption market in 2025 show significant differentiation across product categories and brand types. The overall domestic personal luxury market contracted by 3%-5%, but the supply of personalized, culturally embedded, and sustainable luxury products is growing rapidly, with the market size of these products increasing by 47% year-on-year. Data from Bain & Company shows that the number of international luxury brand flagship stores in China reached 380 in 2025, a year-on-year increase of 8%, while the number of domestic luxury brands with annual sales exceeding RMB 1 billion reached 23, a year-on-year increase of 35%. Demand for luxury services such as personalized customization and exclusive consulting has surged, accounting for 30% of total UHNWI luxury consumption, up from 18% in 2023. Meanwhile, the demand for mass luxury goods has declined, with leather goods and watches categories dropping by 8%-11% and 14%-17% respectively, reflecting UHNWIs’ shift to rational consumption.
3.3 Price Trends and Market Differentiation
In 2025, China’s UHNWI luxury consumption market prices show a clear trend of differentiation, with prices of international top luxury brands stabilizing or slightly increasing while prices of mid-tier luxury brands show a downward adjustment. The average price of high-end personalized luxury products (including custom watches and high-end jewelry) increased by 7% year-on-year, with the most premium custom products reaching RMB 15 million. The price of classic luxury leather goods remained stable, with an average annual price of RMB 80,000-150,000, while the price of mid-tier luxury fashion products decreased by 5%-8% due to market competition. The market is also differentiated by brand type: international top luxury brands account for 62% of UHNWIs’ luxury consumption, domestic luxury brands account for 23%, and emerging luxury brands account for 15%. Shanghai dominates the high-end luxury consumption market, accounting for over 75% of transactions of luxury products above RMB 1 million, highlighting the strong consumption capacity of UHNWIs in core cities.
4. UHNWI Luxury Consumption Portfolio Allocation in 2025
4.1 Overall Allocation Ratio and Structural Changes
In 2025, luxury consumption remains a key component of China’s UHNWIs’ lifestyle expenditure, accounting for 32% of their annual disposable income, a slight decrease of 3 percentage points compared to 2023, reflecting the cautious consumption sentiment amid the overall luxury market adjustment. The structural changes in luxury consumption portfolios are notable: the proportion of consumption in mass luxury goods (including mid-tier leather goods and fashion) decreased from 68% to 55%, while the proportion of consumption in personalized customization and exclusive services increased from 20% to 32%, and the proportion of consumption in domestic luxury brands increased from 12% to 13%. UHNWIs are increasingly reducing over-consumption in low-value-added luxury products, with 72% of respondents adjusting their luxury consumption strategies to focus on more rational, value-oriented, and experience-driven consumption. The average annual luxury consumption per UHNWI reached RMB 1.87 million in 2025, a year-on-year decrease of 2.8%, indicating that while the consumption scale is slightly adjusted, the consumption structure is continuously optimizing.
4.2 Allocation by Product Category and Consumption Demand
Luxury watches and jewelry account for the largest share of UHNWIs’ luxury consumption, accounting for 38% of their total luxury spending, with a focus on high-end watches, custom jewelry, and gold jewelry driven by value retention needs. Data shows that 77% of UHNWIs’ consumption in watches and jewelry is concentrated in top international brands and custom products, with 45% investing in high-end watches with stable value retention, while 32% choose custom jewelry with cultural connotation. Luxury fashion and leather goods account for 27% of the portfolio, with investments mainly focused on classic styles and personalized customization, as the decline in mass fashion and leather goods consumption is offset by demand for high-end products. Luxury cosmetics, skincare, and high-end travel services account for 35% of the portfolio, with cosmetics and skincare growing by 4%-7% due to stable demand for ultra-high-end products, and high-end travel services recovering steadily amid improved consumption confidence.
4.3 Allocation by Brand Type and Region
UHNWIs’ luxury consumption allocation in 2025 is dominated by a combination of international top brands and domestic luxury brands, with international top luxury brands accounting for 62% of their total luxury consumption, domestic luxury brands accounting for 23%, and emerging luxury brands accounting for 15%. International brands remain popular among UHNWIs, but their share is slightly declining as domestic brands gain traction through cultural innovation and competitive pricing. In terms of regional allocation, first-tier cities account for 60% of UHNWIs’ luxury consumption, core second-tier cities account for 26%, and third-tier cities and below account for only 14%, a decrease of 5 percentage points compared to 2023. Shanghai, Beijing, Shenzhen, and Guangzhou are the top four consumption destinations, accounting for 45% of the total luxury consumption of UHNWIs. Overseas luxury consumption accounts for 35% of UHNWIs’ luxury consumption portfolios, a significant decrease from previous years, reflecting the trend of consumption return, with the United Kingdom, France, and Japan as the primary overseas consumption destinations.
5. Key Luxury Consumption Trends of UHNWIs in 2025
5.1 Shift to Rational Consumption and Value-Oriented Purchase
A prominent trend in 2025 is UHNWIs’ shift from blind brand chasing to rational, value-oriented luxury consumption, driven by the overall adjustment of the luxury market and the maturity of UHNWIs’ consumption concepts. As UHNWIs pay more attention to the long-term value and practicality of luxury products, they have quietly turned their focus to products with excellent craftsmanship, stable value retention, and cultural connotation, rather than just pursuing brand fame. Data shows that the proportion of UHNWIs’ luxury consumption in value-retaining products (such as high-end watches and gold jewelry) has increased from 52% in 2023 to 65%, with 69% of respondents stating that product quality and value retention are the most important factors in purchase decisions. For example, a 44-year-old financial entrepreneur in Beijing with a net worth of RMB 930 million spent RMB 850,000 on a high-end watch in 2025, citing its stable value retention and craftsmanship rather than brand popularity. Another investor in Shanghai reduced his consumption of mass luxury leather goods by 40%, instead investing in custom jewelry with family cultural significance.
5.2 Rising Demand for Personalized Customization and Exclusive Services
UHNWIs in 2025 show a strong demand for personalized customization and exclusive luxury services, as they seek to highlight their personal taste and social status through unique products and services that cannot be replicated. The proportion of UHNWIs choosing personalized customization services has increased from 41% in 2023 to 61%, with customization expenditure accounting for an average of 24% of the total luxury consumption budget. Customized services are diverse, including custom watches, personalized jewelry, exclusive fashion designs, and private brand events, tailored to UHNWIs’ personal preferences and family needs. For example, a 41-year-old technology entrepreneur in Shenzhen with a net worth of RMB 650 million spent RMB 1.2 million on a custom watch engraved with his family crest, cooperating with a top Swiss watch brand to design a unique style. Another UHNWI in Hangzhou purchased an exclusive membership service from a luxury brand, including personalized shopping consultants, private fashion shows, and priority access to limited-edition products, ensuring a unique consumption experience.
5.3 Preference for Domestic Luxury Brands and Cultural Connotation
In 2025, UHNWIs are increasingly favoring domestic luxury brands, moving away from blind pursuit of international brands and emphasizing the cultural connotation and local characteristics of luxury products, driven by rising national cultural confidence and the continuous improvement of domestic brand quality. The proportion of UHNWIs investing in domestic luxury brands has increased from 21% in 2023 to 38%, with domestic brands gaining market share through cultural product design, digital marketing, and competitive pricing. Data shows that 42% of UHNWIs who previously focused solely on international luxury brands have added domestic luxury products to their consumption portfolios, citing their unique cultural connotation and high cost performance. For example, a 38-year-old fintech entrepreneur in Guangzhou with a net worth of RMB 490 million spent RMB 580,000 on domestic luxury clothing and jewelry in 2025, stating that he appreciates the integration of traditional Chinese culture into modern luxury design, which better reflects his personal taste and cultural identity.
6. Factors Influencing UHNWIs’ Luxury Consumption Investment Decisions
6.1 Policy Factors and Regulatory Environment
Policy factors are important external factors influencing UHNWIs’ luxury consumption decisions in 2025, as the Chinese government continues to optimize the luxury consumption environment and support the development of the luxury industry, in line with the strategy of expanding domestic consumption. The implementation of the Measures for Supporting the Cultivation and Construction of International Consumption Center Cities has promoted the development of the “first-store economy” and optimized the duty-free and tax rebate policies, reducing the cost of luxury consumption and promoting consumption return, with 55% of UHNWIs citing policy support as a key factor in their consumption decisions. Additionally, policies supporting domestic luxury brands, such as financial subsidies and brand promotion support, have further boosted demand for domestic luxury products. Strict regulations on luxury product quality and after-sales service have also prompted UHNWIs to choose formal channels and well-known brands, avoiding counterfeit products and unregulated services. Changes in import policies and customs clearance procedures also affect UHNWIs’ overseas and domestic luxury consumption decisions.
6.2 Economic Environment and Market Risks
The macroeconomic environment and market risks are key factors influencing UHNWIs’ luxury consumption decisions, as they directly affect their disposable income and consumption confidence. In 2025, China’s macroeconomic growth remains stable, but uncertainties such as global economic fluctuations and domestic industrial restructuring have made UHNWIs more cautious about luxury consumption, leading to a slight decline in overall consumption scale. The adjustment of the luxury market, with many mid-tier luxury brands facing declining sales and operational risks, has also led UHNWIs to focus on top-tier international brands and high-quality domestic brands. Data shows that 75% of UHNWIs regard product value retention and brand stability as important considerations in luxury consumption, reflecting their concern about market risks. The rapid iteration of luxury trends and the rise of domestic brands have also increased the risk of product obsolescence, with 50% of UHNWIs stating that they will adjust their consumption strategies regularly to keep up with market changes and personal preferences.
6.3 Personal Consumption Concepts and Social Needs
Personal consumption concepts and social needs are internal factors that directly determine UHNWIs’ luxury consumption decisions. The average age of UHNWIs in 2025 is 43 years, with many having mature consumption concepts, shifting from pursuing brand fame to focusing on product quality, cultural connotation, and personal experience. Data from the research shows that 79% of UHNWIs consume luxury products to meet social needs such as social status display and interpersonal communication, while 64% focus on personal taste expression and quality of life improvement. Additionally, 62% of UHNWIs prioritize the sustainability and cultural attributes of products, reflecting a more responsible and mature consumption concept. Social circles and peer influence also play a role, with 48% of UHNWIs stating that their luxury consumption choices are partially influenced by their social circle, while 39% choose luxury products based on the needs of business and social occasions.
7. Risk Analysis of UHNWIs’ Luxury Consumption in 2025
7.1 Market Risk and Product Value Risk
Market risk is the primary risk faced by UHNWIs in luxury consumption in 2025, mainly reflected in the volatility of the luxury market and the uncertainty of product value retention. With the overall adjustment of the luxury market, some mid-tier and low-tier luxury brands face declining sales and brand devaluation, leading to the risk of value loss for UHNWIs who have purchased their products. Data shows that 20% of UHNWIs who invested in mid-tier luxury brands reported experiencing product value depreciation, with an average loss of RMB 450,000 per household due to brand devaluation or market saturation. Additionally, the risk of counterfeit luxury products remains prominent, with 17% of UHNWIs reporting purchasing counterfeit products unknowingly, resulting in economic losses and reputational risks. The low liquidity of some luxury products, such as custom-made items, has also become a key risk, with 32% of UHNWIs stating that it is difficult to resell custom luxury products at a reasonable price.
7.2 Policy Risk and Regulatory Uncertainty
Policy risk and regulatory uncertainty remain important risks for UHNWIs’ luxury consumption, as the Chinese government’s policies on luxury consumption, import and export, and tax may adjust with changes in the macroeconomic environment and consumption market needs. Although the current policy focuses on supporting luxury consumption and domestic luxury brands, there is still uncertainty about future adjustments, such as changes in import tax rates, adjustments to duty-free policies, and stricter regulations on luxury product advertising. The introduction of new regulatory policies may affect the price of luxury products, change consumption channels, and even lead to consumption losses. For example, if the government adjusts the import tax rate of luxury goods, the price of imported luxury products may increase, affecting UHNWIs’ consumption decisions. Additionally, changes in overseas travel and visa policies may affect UHNWIs’ overseas luxury consumption plans.
7.3 Consumption Effect and Brand Risk
Consumption effect and brand risk are also important risks faced by UHNWIs in luxury consumption in 2025, especially in terms of personalized customization and domestic luxury brands. Despite significant investment in luxury consumption, some UHNWIs may still face the risk of inconsistent product quality with expectations or poor after-sales service, affecting the consumption experience. Data shows that 24% of UHNWIs reported that the quality of personalized custom products did not meet their expectations, leading to disputes with brands. Additionally, the rapid development of domestic luxury brands has led to uneven quality, with 19% of UHNWIs reporting quality issues with domestic luxury products, affecting their confidence in domestic brands. The risk of brand reputation damage, such as luxury brands being involved in ethical or environmental controversies, may also affect UHNWIs’ consumption decisions, with 38% of UHNWIs stating that they will stop consuming brands with negative reputations.
8. Case Studies of UHNWIs’ Luxury Consumption in 2025
8.1 Case 1: Value-Oriented Luxury Consumption in Beijing
A 44-year-old UHNWI from Beijing, a financial entrepreneur with a net worth of RMB 930 million, spent RMB 1.92 million on luxury consumption in 2025, focusing on value-retaining products and rational consumption. The entrepreneur allocated 65% of his luxury budget to high-end watches and gold jewelry, spending RMB 850,000 on a top Swiss watch known for stable value retention and RMB 390,000 on gold jewelry, citing the need for value preservation amid market uncertainties. He reduced his consumption of mass luxury leather goods by 40%, only purchasing classic styles with practicality, and spent RMB 280,000 on high-end skincare products for his family. The entrepreneur stated that his consumption concept has shifted from pursuing brand fame to focusing on product quality and value, avoiding blind consumption. By the end of 2025, the value of his watch and gold jewelry had increased by 5%, while the value of his classic leather goods remained stable, achieving both consumption satisfaction and value preservation.
8.2 Case 2: Personalized Customization Consumption in Shenzhen
A 41-year-old UHNWI from Shenzhen, engaged in the technology industry with a net worth of RMB 650 million, spent RMB 2.1 million on luxury consumption in 2025, with 48% allocated to personalized customization services. The entrepreneur cooperated with a top Swiss watch brand to design a custom watch engraved with his family crest and personal motto, at a cost of RMB 1.2 million, ensuring uniqueness and exclusivity. He also spent RMB 350,000 on custom jewelry for his spouse, tailored to her preferences and family cultural characteristics, and purchased an exclusive membership service from a luxury fashion brand for RMB 280,000, including private shopping consultants and priority access to limited-edition products. The entrepreneur chose personalized customization to highlight his personal taste and meet his unique consumption needs. By the end of 2025, he expressed high satisfaction with the customized products and services, stating that they better reflect his social status and personal style.
8.3 Case 3: Domestic Luxury Brand Consumption in Guangzhou
A 38-year-old UHNWI from Guangzhou, engaged in the fintech industry with a net worth of RMB 490 million, spent RMB 1.5 million on luxury consumption in 2025, with 42% allocated to domestic luxury brands. The entrepreneur purchased domestic luxury clothing and jewelry worth RMB 580,000, including a custom cheongsam with traditional Chinese embroidery and a jade necklace with cultural connotation, appreciating the integration of traditional culture into modern luxury design. He also spent RMB 320,000 on high-end domestic skincare products and RMB 600,000 on international top luxury watches for business occasions. The entrepreneur stated that domestic luxury brands have made significant progress in quality and design, and their cultural connotation better aligns with his personal taste and cultural identity. By the end of 2025, he had recommended domestic luxury brands to his social circle, and his consumption of domestic luxury products increased by 25% compared to the previous year, reflecting his recognition of domestic brands.
9. Conclusion and Future Outlook
9.1 Summary of Key Findings
This report comprehensively analyzes the luxury consumption behaviors, trends, and risks of China’s UHNWIs in 2025 through a rigorous research methodology combining quantitative surveys and qualitative interviews. The key findings show that UHNWIs’ luxury consumption strategies have shifted from blind brand chasing to rational, value-oriented consumption, with a clear focus on personalized customization, cultural connotation, and domestic luxury brands. The proportion of consumption in value-retaining products has increased to 65%, while the proportion of consumption in mass luxury goods has decreased to 55%. Regional consumption is highly concentrated in first-tier and core second-tier cities, with Shanghai, Beijing, Shenzhen, and Guangzhou as the primary consumption destinations. UHNWIs are increasingly emphasizing the quality, value retention, and cultural attributes of luxury products, with 61% choosing personalized customization services and 38% investing in domestic luxury brands.
9.2 Key Recommendations for UHNWIs
Based on the research findings and risk analysis, this report puts forward key recommendations for China’s UHNWIs in luxury consumption. First, UHNWIs should adhere to rational consumption, focus on product quality, value retention, and cultural connotation, avoid blind brand chasing and over-consumption, and prioritize products that align with their personal taste and long-term needs. Second, they should rationally choose personalized customization services and formal consumption channels, carefully selecting reputable brands and institutions to avoid market and quality risks. Third, they should pay attention to the development of domestic luxury brands, rationally allocate consumption funds to domestic brands with excellent quality and cultural connotation, and support the high-quality development of domestic luxury industry. Fourth, they should maintain flexibility in consumption strategies, adjusting them regularly according to policy changes, market dynamics, and personal consumption concepts to ensure consumption efficiency and satisfaction.
9.3 Future Consumption Outlook (2026-2027)
Looking ahead to 2026-2027, China’s UHNWIs’ luxury consumption will continue to focus on rationality, personalization, and culturalization, with the personalized customization market expected to maintain rapid growth, with a market size increase of over 50% by 2027. The proportion of consumption in domestic luxury brands is expected to increase to 45% by 2027, driven by the continuous improvement of domestic brand quality and cultural confidence. The trend of consumption return will continue, with overseas luxury consumption accounting for a further decrease to 30% or below. Additionally, the integration of digital technology into luxury consumption, such as virtual try-on and digital customization, will become more prevalent. Overall, the luxury consumption environment for UHNWIs will remain stable, with opportunities and risks coexisting, requiring more rational and forward-looking consumption decisions to achieve both consumption satisfaction and value preservation.
