Wealthy Chinese plan to increase spending on luxury items

A study of Ruder Finn and the Consumer Search Group found that one-third of Chinese residents plans to increase spending on luxury goods in the next 12 months. This intention was expressed by about 46% of respondents from mainland China and 32% from Hong Kong. According to the China Daily, the average annual income of 1,575 citizens from the mainland who participated in the survey was 1,400,000 yuan, and the income of 310 Hong Kong participants was at the level of 975,300 Hong Kong dollars. Last year, Chinese spending from the mainland on luxury goods averaged 240,000 yuan. Moreover, the expenses of citizens belonging to the age group from 26 to 35 years exceeded the spending of other age groups.

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