A survey conducted among Chinese millionaires in 2022 revealed that around 65 percent of respondents bought high-end brands to follow fashion trends. Meanwhile, 61 percent of surveyed millionaires said they bought products from high-end brands to fulfill daily needs.
Leading purposes to buy products from high-end brands among millionaires in China as of 2022
among high net worth individuals with personal assets over ten million yuan
Supplementary notes
The survey was conducted among 750 respondents with personal assets of over ten million yuan.
50 percent of respondents were female. 50 percent of respondents were male. 40 percent of respondents were from tier-1 cities, 60 percent were from new tier-1 and tier-2 cities.
The respondents' average age was 36 years old, and the average personal assets of respondents were 45 million yuan.
The average number of real estate owned by respondents was three, and the average living space is 280 square meters.
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Hurun Research Institute. (March 1, 2023). Leading purposes to buy products from high-end brands among millionaires in China as of 2022 [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1290011/china-reasons-for-buying-high-end-brands-among-millionaires/
Hurun Research Institute. "Leading purposes to buy products from high-end brands among millionaires in China as of 2022." Chart. March 1, 2023. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1290011/china-reasons-for-buying-high-end-brands-among-millionaires/
Hurun Research Institute. (2023). Leading purposes to buy products from high-end brands among millionaires in China as of 2022. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1290011/china-reasons-for-buying-high-end-brands-among-millionaires/
Hurun Research Institute. "Leading Purposes to Buy Products from High-end Brands among Millionaires in China as of 2022." Statista, Statista Inc., 1 Mar 2023, https://www.statista.com/statistics/1290011/china-reasons-for-buying-high-end-brands-among-millionaires/
Hurun Research Institute, Leading purposes to buy products from high-end brands among millionaires in China as of 2022 Statista, https://www.statista.com/statistics/1290011/china-reasons-for-buying-high-end-brands-among-millionaires/ (last visited December 21, 2024)
Leading purposes to buy products from high-end brands among millionaires in China as of 2022 [Graph], Hurun Research Institute, March 1, 2023. [Online]. Available: https://www.statista.com/statistics/1290011/china-reasons-for-buying-high-end-brands-among-millionaires/
