The spending of China's rich

Leisure activities

According to the Ipsos and Robb report, leisure activities such as travel and participation in charitable activities are emerging as part of new lifestyles. Interviewees travel on average four times a year and 90 percent have had at least one trip overseas in the past year.

On average, those interviewed made four leisure trips in the past year. As many as 91 percent traveled outside China for leisure. Many enjoy participating in various leisure activities, including golfing and horseriding.

According to the report, more than half of those quizzed intend to purchase luxury products in the coming year. Sports utility vehicles or station wagons are the most preferred type of car being considered for purchase.

Nearly 70 percent of respondents had an optimistic view toward the national property policy and indicated their property purchase intentions will not be influenced by it. About half of them considering buying overseas property in the upcoming year, mainly for the sake of their children's education.

"We are seeing an increase in spending by millionaires on their children's education, with a clear preference toward sending their children abroad to study. This is accompanied by the rise of emigration out of China and investment in overseas real estate," said the Hurun Report.

Private banking

Currently, approximately one-third of respondents make personal financial investments. Stocks in Chinese companies, insurance, funds and property are popular investment choices.

Domestic banks are currently preferred for private banking. China Merchants Bank is the most popular bank, with others fairly evenly divided.

"We found the need to manage wealth through private banking and investment was increasingly prominent, while domestic banks gradually replaced foreign banks and became the first choice for wealthy people's private banking," said the study.

Respondents turn to magazines and the Internet for sourcing information to help with purchase decisions.

"The Chinese consumers' concept of luxury goods consumption is maturing and becoming more personalized. The report revealed that young affluent consumers chose luxury goods because of product quality and their role in enhancing personal image. Female consumers in particular were more able to perceive the role of fine goods and how they increase personal enjoyment," said the study.

The survey was jointly conducted by Ipsos and Trends Group's Robb Report. A total of 206 readers of the Robb Report with an average age of about 40 and average individual current assets of 4.2 million yuan were interviewed.

Interviewees were from major Chinese cities during the period from June 2012 to August 2012.

liwoke@chinadaily.com.cn

Related Stories

China has 60,000 billionaires

Expansion guide for luxury brands in China

Chinese shoppers offer glimmer of hope for gloomy economy

China to become 2nd biggest luxury market by 2017

Expensive tastes cost more these days: Hurun report