(ECNS) -- The luxury property market has recovered significantly, led by a sharp price increase of 57 percent in the South China city of Shenzhen, according to a report by Hurun Research Institute released on Tuesday.
The Luxury Consumer Price Index 2016, measuring the change over one year in prices paid by luxury consumers for a basket of 124 luxury goods and services, also showed overseas Chinese property purchases rising sharply, as prices increased by 28 percent in Vancouver and 17.9 percent in San Francisco.
Spending on top school education increased for the 10th consecutive year with a rise of 6.2 percent. Tuition fees at top schools in the U.S. and UK are up 9.6 percent and 2 percent receptively.
This year saw an 11.7 percent rise in prices for luxury healthcare led by health checkups, up 34 percent, among high-net worth individuals, according to the study.
The luxury travel market has recovered compared with the last two years to rise 5 percent.
After a string of price decreases last year, the overall prices of jewelry, watches, luxury accessories and cosmetic products have experienced incremental growth this year.
The report said prices for luxury liquor and tobacco, as well as cars, are the only two categories that have declined for two consecutive years, by 0.2 percent and 1.3 percent respectively.
Rupert Hoogewerf, chairman and chief researcher for the Hurun Report, said "Luxury property, health and education drove up the Luxury Consumer Price Index this year coupled with a decrease in value of the Chinese yuan against most other major currencies."
