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The spending of China's rich

By Li Woke (China Daily)

08:17, December 18, 2012

A newly married couple in a luxury car. The most favorite purchases of rich Chinese tend to be leather goods and automobiles, according to the latest report by Robb and Ipsos, which said the top two products accounted for about 20 percent of Chinese millionaires' total consumption over the past year. [Wang Zhicheng / For China Daily]

Most money goes on leather goods and automobiles, says new report

Many people assume the Chinese rich own gigantic villas, keep a horse or two and collect luxury watches or art but a new survey shows their favorite purchase trends to be leather goods and automobiles.

According to the latest report by Robb and Ipsos, a Paris-based research company, the top two products accounted for about 20 percent of Chinese millionaires' total consumption over the past year.

People surveyed in the report spent an average of 1.55 million yuan ($250,000) on high-end and fine-living items in the last 12 months, of which leather goods cost the most, making up to 30 percent of their total expenditure, followed by autos, which accounted for about 20 percent of all their purchases. A total of 16 percent was spent on wristwatches.

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