Photo: HuRun Report
Luxury items in China are getting a lot more expensive, but that hasn’t stopped Chinese shoppers from continuing to spend, according to the latest price index from HuRun Report.
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HuRun, which calculates an alternative luxury index for a basket of 61 high-end goods and services (38 of which are imported), said the prices of luxury goods in China were up 7.73% this year, compared with a 6.4% inflation rate for consumer goods overall.
Notably, yachts and jets have seen the largest price surges, rising 22.1% over last year’s prices. The cost of cosmetics and accessories have risen 16.6%, while luxury property prices have jumped 14.4%, HuRun said.
In fact, the only luxury sector that was down this year was high-end furniture, in which prices have dropped 12.2% year-over-year.
Currency changes were a major factor in the price increases, according to HuRun. As of June 1, the Swiss Franc had appreciated 28.6% against the Yuan, the Euro 11.7% and the British Pound 8%. Both the U.S. Dollar and HK Dollar fell 5% against the Yuan.
There are currently 960,000 people in China with more than $1.5 million, and 60,000 with more than $15.5 million, HuRun said.
The most popular collectibles among the Chinese are watches, red wine and Chinese classical art; the country’s art auction market doubled last year and is now 27% larger than America’s.
The 73-foot Sunseeker Manhattan yacht is 24.6% more expensive than the old model, due in part to the strength of the pound
The cost to rent a Gulfstream G550 for a round trip from Beijing to Shanghai is $42,950 -- up 15.6% from last year
In Shanghai, the cost of a 350 square-meter villa was up 17.7% to $5.4 million, far lower than the 70% increase last year
Meanwhile, homes at Shenzhen Mission Hills, home of the world's largest golf facility, are up 27% per cent this year
A 30-year-old bottle of the traditional Chinese liquor Moutai costs $3,196 -- 60% more than last year
The prices of watches and jewelry rose 5.7% -- slower than national inflation -- though the cost of a one-carat diamond rose 9%
Education costs also soared. The executive MBA program at Cheung Kong Graduate School of Business raised tuition by 18.9% to $98,000
Luxury car prices were up, though they fell below the national inflation rate. The cost of a Rolls-Royce Phantom was up 4.1%
For the Chinese, travel to Europe has become more expensive, while travel to the U.S. and Hong Kong has become cheaper
But domestic hotel prices continued to rise, with a night at the Pudong Shangri-la Hotel in Shanghai rising 12.9% this year to $857
The cost of membership at the exclusive Sheshan International Golf Club in Shanghai was up 7.14%, though the cost to join other private clubs barely changed
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