BEIJING, Jan. 17 (Xinhua) -- China is seeing a "sea change" in consumption patterns of wealthy individuals with their focus shifting from materialistic purchases to family experiences like travel, the China Daily reported on Thursday.
For rich Chinese individuals, travel is the top entertainment option, and reading ranks the second, followed by food tasting, the newspaper noted, citing the Hurun Report's 2019 Best of the Best that interviewed 465 people with a personal wealth of at least 10 million yuan (1.5 million U.S. dollars) each.
"In the past, the Chinese super rich spent a lot on cars, watches and handbags to show off their success. But now, they are willing to spend more on other activities," Rupert Hoogewerf, founder and chief researcher of Hurun Report, was quoted as saying.
Avoiding risks was the prevalent investment concept for the surveyed individuals in 2018, the newspaper said, adding that wealthy investors are opting for steady investment products to avoid risks and property will still be the most important investment option in the next two years.
