If shopping for luxury goods is something you’re into, you may want to avoid Shanghai.

The city has surpassed Hong Kong as the priciest city for luxury goods and services, according to private lender Julius Baer’s annual Wealth Report Asia.

Wealth Report Asia ranks the cost of luxury goods on a price-weighted basis, as Bloomberg reports – a list that doesn’t include property, where Hong Kong still tops out at No. 1.

For a (relatively) inexpensive opportunity to buy watches and stay in high-end hotels, it’s best to leave China entirely. The cheapest city on the list is Kuala Lumpur. Mumbai, meanwhile, is the best place to shop if you’re a woman – whereas women’s products the world over are generally more expensive, the Indian city is where you’ll find the most favorable “pink tax” in Asia.