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July 20, 2016

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Luxury CPI rises fastest in 5 years

CHINA’S luxury consumer price index staged the fastest rise in five years as it outpaced the country’s general CPI this year, Hurun Research Institute said yesterday.

The gauge of China’s luxury buying power, based on a basket of 124 luxury goods and services, rose 5.1 percent in June from the same month of last year. Comparatively the country’s CPI rose a mere 1.9 percent, the National Bureau of Statistics said.

“Luxury property, health and education drove up the Luxury Consumer Price Index this year, coupled with a decrease in the value of the yuan against most major currencies,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.

About 60 percent of the surveyed luxuries cost more than last year.

Property was the biggest riser, gaining over 13 percent — a big turnaround from last year’s 1.9 percent decline.

High-end health care costs rose for a third consecutive year, up 11.7 percent, while top education continued its decade-long uptrend with a 6.2 percent price hike.

The luxury travel market returned to an upward track after its two-year downturn, rising 5 percent; wedding planning, which enjoyed the highest increase last year, slowed its price hike to 5 percent this year; and the market for jets and yachts recovered 1 percent after a huge decline of 10.5 percent last year.

Prices in the watch and jewelry market rebounded 3.9 percent after declining 3.6 percent last year while prices of luxury accessories and cosmetic products increased 2.9 percent after dropping 2.9 percent last year.


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