---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/39605456.md"
description: "Hurun Research Institute: Changes in Consumption and Investment of China's High-Net-Worth IndividualsConsumption Level• Consumption Downgrading and Awakening: The average household assets of China's high-net-worth individuals reach 61 million, but their lifestyle has changed, shifting from focusing on high-end consumption (e.g., golf, high-end socializing) to a more pragmatic consumption view, no longer paying the "face tax." Specific manifestations include:◦ Dismissing full-time drivers and nannies, switching to part-time help; the number of people employing drivers decreased by 17%, while those switching to ride-hailing increased by 14%;◦ Luxury goods consumption decreased by 33%, gifting decreased by 18%, collecting decreased by 13%, and high-end socializing decreased by 27%;◦ More willing to spend money on their own physical and mental well-being; experiential travel increased by 58%, health and wellness increased by 41%, replacing expensive gym memberships with walking and running.Investment Level• Shift in Investment Logic: During the period of declining asset returns, high-net-worth individuals place greater emphasis on cash flow and asset liquidity. Real estate has exited the list of assets to increase holdings, replaced by increased holdings in liquid, inflation-resistant equity assets and digital assets such as US stocks, Hong Kong stocks, and government bonds.Implications for Ordinary People• Can replicate the allocation logic of the wealthy, cutting out hypocritical consumption costs (e.g., not buying cars, houses, luxury goods), and using the saved money as investment principal;• Investments can be diversified into A-shares, Hong Kong stocks, US stocks, Bitcoin, short-term government bonds, etc., while also focusing on one's own learning ability, physical health, and mood."
datetime: "2026-03-30T02:41:06.000Z"
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author: "[浩浩小课堂](https://longbridge.com/zh-CN/profiles/19784218.md)"
---

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# Hurun Research Institute: Changes in Consumption a…