Sea change witnessed in consumption patterns of wealthy individuals

Consumption patterns of wealthy individuals in China are undergoing a sea change with the focus shifting from materialistic purchases to family experiences like travel and food tastings, a new report said on Wednesday.

According to Hurun Report's 2019 Best of the Best, travel is the top entertainment option for rich Chinese individuals, with over 19 percent of the 465 surveyed super rich individuals opting for it as their favorite choice. Over the past 12 months, about 40 percent of the overseas trips made by high net worth individuals in China were for travel purposes, said the Shanghai-based research institute that monitors wealthy individuals. Tourism packages accounted for nearly 50 percent of their household expenses last year, the report said.

Reading was the second most popular recreation among the Chinese rich, followed by food tasting. High net worth individuals also attached greater importance to family activities, as 10 percent of the polled rich people ticked this option in the survey, the same as food tastings.