Falling property prices and a bearish stock market may change wealthy Chinese people's luxury goods buying behaviors, China Luxury Report suggests.

Provided by the Research Center for Luxury Goods and Services at the University of International Business and Economics.

However, a closer look at the high income group shows that the ultra-rich are more cautious, with 17 percent of them saying they may cut their budget for luxury goods in the future and 30 percent are undecided.

Uncertainty not only lingers with the financially advantaged Chinese but also affects providers of luxury goods. A total of 31 percent of surveyed luxury brands are uncertain about their media budget for the year 2012 in China, according to the report.

Provided by the Research Center for Luxury Goods and Services at the University of International Business and Economics.

Zhou Ting, the director of the Research Center for Luxury Goods and Services at the University of International Business and Economics, which released the report, said on Sunday that some ultra-rich Chinese people may even choose to sell personal luxury items for cash during a tough year. She explained that some Chinese own many assets, such as seven houses, but lack cash.

She added that buying and selling second-hand luxury items will be one of the growth points for China's luxury market.

According to the report, wealthy people aged between 30 and 40 are the main participants of the second-hand luxury market. They prefer to buy or sell bags, accessories and apparel. However, for another active group, those aged between 40 and 50, most traded items include limited editions of works of art and collections. Zhou said they often sell the products at prices higher than the buying prices.

Although 2012 may turn out to be a tough year for luxury brands, they can still do something to hold their current customers and gain more revenue in the future. The report shows that luxury brands need to lower the maintenance price, increase maintenance sites and shorten maintenance periods.

Provided by the Research Center for Luxury Goods and Services at the University of International Business and Economics.