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Consumption patterns of wealthy individuals in China are undergoing a sea change with the focus shifting from materialistic purchases to family experiences like travel and food tastings, a new report said on Wednesday.

Consumption of instant noodles in China reached 40.25 billion units last year, a rise of 3.3 percent year-on-year, accounting for 38.9 percent of such consumption globally, with China the largest market, according to the World Instant Noodles Association.

Crain’s reports that Holden is leaving for an undisclosed company, one of which is not directly competitive with Groupon. (That rules out a return to Amazon, I would think).

Consumption contributed to 78 percent of the country's economic growth in the first three quarters of the year, and China's 400 million middle-income consumers are demanding more imports of high-quality goods and services, according to official data.

Consumption will grow 10.5 percent year on year in August driven by sales of home appliance and summer tourism, but tempered by falling sales of real estate and automobiles, according to Lian Ping, chief economist with the Bank of Communications.