The Hurun Luxury Consumer Price Index, an annual study that gauges levels of top-end individual spending in China, has contracted for the first time in eight years.

The LCPI 2015 dropped 1.8 percent year-on-year, said wealth researcher The Hurun Report which compiles the study, due to price declines in luxury properties, overseas trips and products. The study looked at 11 different categories of products.

The result contrasts with the recently released Consumer Price Index by the National Bureau of Statistics, which showed an increase of 1.4 percent in June.