From Hermès Birkin Bags to ROLEX and Patek Philippe watches, investment-savvy HNW Chinese consumers have been turning to luxury brands against the backdrop of slowing economic growth.

The latest study by The Hurun Research Institute revealed that 56 percent of China’s HNWIs will increase spending on personal luxuries in the next three years, and that could prove to be a lucrative financial decision.

For instance, at a luxury market media roundtable hosted by GAM Investments on March 1, the asset manager revealed that Hermès Birkin Bags generated an average annual return of 14.2 percent from 1980 to 2015, significantly higher than the S&P 500’s 8.7 percent average annual return over the same period.

And with HNWIs aged under 30 the highest proportion of those spending on luxuries, premium and classic luxury items will continue to attract the attention of China’s HNWIs for the foreseeable future.