Chinese affluent consumers are increasing their purchases of lower price luxury items, moving away from established brands, Bank Julius Baer said in a report released on 4th June. The Swiss biggest private banking group released its third Julius Baer Wealth Report, saying that the Chinese consumers have changed tastes and habits, and luxury becomes a lifestyle instead of a one-off celebration. The report expects the next wave of luxury consumption in China is less about famous brands, but a migration towards heritage, underlying quality and understatement.