On April 12, Hurun Research Institute released the Research Report 2022 on values and lifestyle of high net worth people in China (hereinafter referred to as the report).
There are eight parts in this report:
- One, overview of high net worth people;
- Two, life awareness and behavior;
- Three, consumption life;
- Four, travel life;
- Five, social contribution awareness;
- Six, consumption by category;
- Seven, population category segmentation;
- Eight, suggestions on marketing viewpoints.
The project team collected the survey results of 500 high net worth people in tier 1-3 cities in the form of online questionnaire.The ratio of men to women was 1:1 and the age ranged from 20 to 59. In the qualitative part, they interviewed a total of 10 high net worth people. These people own family investable assets of more than 6 million yuan. Furthermore, they come from Beijing, Shanghai, Shenzhen, Chengdu, Wuhan and Nanchang.
New Trend of Consumption Experience for High Net Worth People in China
The report shows that high net worth people no longer focus solely on luxury consumption experiences such as big brands and famous brands. Instead, they enjoy the fun of consumption by ‘feeling cultural handicrafts or customized services’. In addition, they will continue to build and expand the breadth and depth of personal life value in various aspects. For example, challenging some high-intensity and difficult hobbies or professional knowledge. And also, they are interested in actively participating in social public welfare.
Social Contribution is Still Hot among High Net Worth People in China
21% of respondents regard ‘social contribution activities’ as their daily hobbies and daily lifestyle. In social contribution behavior, donations to disaster / poverty-stricken areas still occupy the mainstream. There are 57% and 49% of respondents choosing respectively; Participating in volunteer activities ranked third with 39% of respondents choosing it. As a result, it reflects that high net worth people are willing to experience it in action in addition to financial support.
According to the statistics of Hurun Research Institute, the number of wealthy families with 6 million yuan of assets in China has reached 5 million in 2020。 Among them, there were 1.8 million families with 6 million yuan of investable assets. Furthermore, high net worth people have a strong sense of social contribution and will take practical actions. For instance, they are active in donations, participation in volunteer activities, etc.
Trend of Income Source
The report shows that investment income has been the main component of the assets of high net worth people for many years. However, the proportion of investment income in the assets has shown a downward trend since 2018; At the same time, wages have increased steadily, playing an important role in the income of high net worth people.
In the end of the report, it also shows that health, happiness and stable life are the common pursuit of both ordinary people and high net worth people.