Beijing's anti-corruption drive is majorly quelling the culture of gift-giving in the mainland, with the country's super-rich spending 25 percent less on gifts compared with last year, according to a new survey.
The Hurun Report Chinese Luxury Consumer Survey 2014, published on Thursday, polled almost 400 individuals in the mainland, with a personal wealth of 10 million yuan ($1.65 million) or more.
Since the government began its crackdown on graft in 2012, demand for gifts typically given to civil servants from business leaders - such as expensive bottles of alcohol or luxury watchers - has waned.
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In addition to spending less on others, China's wealthy are also splurging less on themselves, reflecting a broader slowdown in the world's second largest economy.
The average spending of China's high net worth individuals decreased by 15 percent on-year, the survey showed. However, their material aspirations remain very much intact.
For the first time ever, mass-market luxury retailer Louis Vuitton lost its crown as the preferred brand for among men, losing out to ultra-high-end fashion house Hermès. Meanwhile, Chanel remains the preferred brand among women.
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"There is a paradox at the heart of the Chinese entrepreneur: on the one hand they want to stay discreet, and on the other hand, they are currently buying more Rolls-Royces and luxury watches than any other nation," said Rupert Hoogewerf, chief researcher and founder of the Hurun Report.
Top leisure activity
With travel the top leisure activity for Chinese high net worth individuals, six out of ten expressed interest in purchasing a holiday home in locations such as Sanya and Yunnan.
Meanwhile, nearly 40 percent said they planned to use private jets on a regular basis, half of whom look to time share.
In terms of preferred travel destinations, France dropped to second place, replaced by Australia. Dubai, Switzerland and Maldives rounded out the top five.
On top of their love for travel, the majority of the country's wealthy are increasingly looking to live abroad, the survey showed.
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The number of high net worth individuals who have emigrated, or are planning to do so, rose from 60 percent to 64 percent last year, accounting for 1 in 3 super-rich.
While the U.S. remains the destination of choice, the number of individuals emigrating to Europe has increased, according to the survey.
—By CNBC's Ansuya Harjani; Follow her on Twitter:@Ansuya_H