Inflation in Luxury items is even more than total inflation in China
HuRun, which calculates an alternative luxury index for a basket of 61 high-end goods and services (38 of which are imported), said the prices of luxury goods in China were up 7.73% this year, compared with a 6.4% inflation rate for consumer goods overall.
Notably, yachts and jets have seen the largest price surges, rising 22.1% over last year’s prices. The cost of cosmetics and accessories have risen 16.6%, while luxury property prices have jumped 14.4%, HuRun said.
Currency changes were a major factor in the price increases, according to HuRun. As of June 1, the Swiss Franc had appreciated 28.6% against the Yuan, the Euro 11.7% and the British Pound 8%. Both the U.S. Dollar and HK Dollar fell 5% against the Yuan.
There are currently 960,000 people in China with more than $1.5 million, and 60,000 with more than $15.5 million, HuRun said.
Read more: Business Insider