The Hurun Report’s Luxury CPI (yet another measure of luxury prices) grew 4.9 percent – the slowest rate of growth since 2009.
The price weakness was led by luxury real estate, which fell 2.4 percent year-over-year. Private jets and yachts were also weak, rising less than the broader rate of inflation in China. (Read more: China's Art Bubble May Be Popping)
Prices for luxury travel held up the best, rising 12 percent over the past year. Pricey drinks were also still pricey, rising 8 percent. In fact, the one item that the Hurun report said increased the most in price wasa bottle of Shuijingfang Classical Collection, which is a baijiu (or “white liquor”). That price jumped 59 percent.
Hurun, which is in the business of highlighting the Chinese rich and their growth, attributed the slowdown to currency appreciation. But the yuan has been depreciating recently, which would make those imported goods more expensive (this may be an issue of time periods, since the yuan’s strength is more recent).
Rupert Hoogewerf, chairman and chief Researcher of Hurun Report, said, “The slowdown in the economy has knocked the confidence of the Chinese luxury consumer.”