Core Insights - The report highlights a significant shift in the consumption behavior of China's high-net-worth individuals (HNWIs), moving from a focus on luxury goods as status symbols to prioritizing health, family, emotional value, and long-term experiences in their purchasing decisions [1][3]. Group 1: Definition and Wealth Transfer - The report defines high-net-worth individuals as families with disposable assets exceeding 6 million RMB, while those with assets between 2 million and 6 million RMB are categorized as middle-class [2]. - A notable wealth transfer is expected in the next decade, with 20 trillion RMB projected to be inherited, increasing to 45 trillion RMB in 20 years and 79 trillion RMB in 30 years, reshaping the structure of HNWIs and emphasizing long-term planning in consumption decisions [2]. Group 2: Changes in Consumption Mindset - The pandemic and global uncertainties have led to a transformation in consumption mindset among HNWIs, shifting from "living for today" to "planning for the future," and from "brand-centric" to "pragmatic" approaches [3]. - The focus has transitioned from material enjoyment to emotional value, with a greater emphasis on spending for health, children's education, and personal experiences rather than luxury brands [3]. Group 3: Market Performance and Trends - In 2024, traditional luxury goods are experiencing a decline, with revenues down by 2% and net profits down by 17%, while service-oriented and experiential categories are seeing growth, such as a 13% increase in tobacco, alcohol, and tea consumption [4]. - The luxury market is undergoing structural adjustments, with top luxury brands focusing on exclusivity and unique experiences, while mass luxury brands need to balance cost-effectiveness and emotional value [4]. Group 4: Health and Experience Consumption - Health-related spending has become a necessity for HNWIs, with significant investments in services ranging from maternity care to elder care, and a willingness to pay high costs for professional health services [5]. - Experience-based consumption is on the rise, with HNWIs valuing emotional connections and unique experiences over mere material possessions, leading to increased interest in travel and family-oriented activities [6]. Group 5: Overall Consumption Shift - The overall consumption shift among HNWIs in 2025 reflects a deeper transformation from material-oriented to value-oriented spending, with wealth serving as a tool for enhancing health, family, and quality of life rather than a status symbol [7].