The latest report from the Hurun Research Institute shows that the economic confidence index of Chinese billionaires for the next two years has declined for the fourth consecutive year, dropping to its lowest level since 2012. The size of China’s high-end consumer market decreased by 5% last year, with the survey indicating that the average material consumption of Chinese billionaire households in the next year will decrease by 242,000 yuan.
Published on January 30, the “2026 Hurun Top Brand – Quality Life Report of Chinese High Net Worth Individuals” surveyed 470 Chinese billionaires with assets exceeding tens of millions of yuan, including 70 individuals with assets exceeding one billion yuan. The average total assets of the interviewees’ families was 61 million yuan, 38% higher than the average level of the past five years, with an average investable asset of 23 million yuan.
The report reveals that the economic confidence index of Chinese billionaires for the next two years has dropped to 5.4 points, marking the fourth consecutive year of decline and reaching the lowest level since 2012. Only 26% of respondents expressed “full confidence” in the economy, while 59% believed they had “some confidence.”
In comparison, the economic confidence index of Chinese billionaires was 6.6 during the global financial crisis in 2018 and remained between 6.7 and 7.2 during the COVID-19 pandemic, peaking at 7.2 in 2022.
The report points out that the size of China’s high-end consumer market in 2025 was 1.56 trillion yuan, down by 5% from the previous year. Global uncertainty and changes in the consumption attitudes of high net worth individuals pose new challenges to the traditional luxury goods industry. The market size of traditional luxury goods in China, including clothing, cosmetics, jewelry, handbags, and watches, decreased from 450 billion yuan in 2024 to 430 billion yuan in 2025.
Moreover, the luxury car market showed signs of weakness, with a decrease in the willingness of billionaires to purchase cars leading to a significant decline in the market for cars priced above 500,000 yuan. The market for luxury cars in the 500,000 to 1 million yuan range decreased by 11%, while the market for million-yuan level luxury cars fell by 14%. The high-end tobacco and alcohol market, worth 300 billion yuan, also saw a 6% decrease.
The report indicates that the top three categories that Chinese billionaires plan to increase consumption in the future are travel, health and wellness, and children’s education. On the other hand, the top three categories they plan to reduce consumption in the future are daily luxury goods, collectibles, and gifts.
Looking ahead to the coming year, Chinese billionaire households are expected to reduce their annual material consumption by an average of 242,000 yuan. Specifically, the planned spending on watches is expected to decrease by 123,000 yuan, collectibles by 86,000 yuan, and jewelry by 55,000 yuan.
Chairman of the Hurun Group, Hurun, pointed out that Chinese billionaires are becoming more cautious in their investment and international planning. In the coming year, the assets most favored for increase by the interviewees are gold and overseas investments such as US and Hong Kong stocks, while the assets most considered for reduction are real estate, art, and collectibles, reflecting a clear trend towards risk aversion and seeking diversified opportunities.