The luxury consumer price index (CPI) went up 4.1% in the first five months of 2018, the highest rise since 2012, says Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, according to the Global Times.
The Global Times:
Prices of luxury goods are increasing in China, an industry report showed, with the luxury consumer price index (CPI) surging by 4.1 percent so far in 2018, double the growth rate seen on the general CPI from January to June.
The 4.1 percent luxury CPI increase is the highest growth rate since 2012, Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, was quoted as saying in a statement sent to the Global Times over the weekend.
Luxury CPI is an index released by Hurun that measures the change in consumption prices every year regarding how much consumers pay for a total of 108 luxury goods and services, including properties, private healthcare and education, travel, weddings, watches, jewelry, accessories and skincare.
Among the categories, high-end alcohol and tobacco lead the luxury CPI gains with an average price rise of 12 percent, followed by jewelry, accessories and skincare as well as leisure, with a growth rate of 7.2 percent and 5.6 percent, respectively, according to the report.
Meanwhile, jets and yachts as well as weddings bottomed the list with a price decline of 5.9 percent and 2.7 percent, respectively.
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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