(ECNS) - Wealthy Chinese consumers have reduced their spending under the influence of the country's anti-corruption campaign and an economic slowdown this year, the Beijing News reported, citing a new survey by the Hurun Research Institute.
This is the ninth consecutive year that Hurun has published a study on the consumption habits and lifestyle trends of rich Chinese.
The Hurun Luxury Consumer Price Index 2015 recorded the year-on-year price changes of 116 luxury items in 11 categories last month. The index fell 1.8 percent from the same period of last year, marking the first negative growth in nine years. The growth is also lower against a 1.4 percent consumer price index rise in June.
Rupert Hoogewerf, Hurun Report's chairman and chief researcher, said the appreciation of the Chinese currency has increased high-end spending in regions that use Japanese yen, Australian dollars, and euros.
He also said that China's anti-corruption campaign continues to affect spending on luxury items, and that the economic slowdown has also influenced the property and auto industries.
The survey showed that upscale hotels have fallen from favor and that high-end wines, wallets, and jewelry all saw prices drop.
But the survey also found that rich Chinese have increased spending on education, weddings, and healthcare, driving up prices in these three categories.
