After a slight dip in the Luxury Consumer Price Index last year, it rose by 4 percent in 2014, according to a Hurun Research Institute report released on Tuesday.

The LCPI was also 1.7 percent higher than China's overall CPI released by the National Bureau of Statistics in June. Over the past eight years, the LCPI has risen 70 percent, while the national consumer price index is up only 29.2 percent.

The main factors resulting in the rise of LCPI have changed over time. This year, the spending was mainly on luxury property, yachts and jets, as well as education. Last year, however, the most significant categories were luxury travel, accessories and skincare products, and automobiles.