Products made by Apple are one of the most preferred brands for the rich in China. A Chinese research firm recently conducted a survey of some 551 millionaires in the world's most populous nation and found that Apple was the #2 preferred brand for gifting among rich men and the #5 brand among rich women.
According to the Hurun Research Institute, there has been a major shift in recent years among China's financial elite. Where once luxury liquor brands were all the rage for gifts, technology and fashion brands have recently taken their place.
This is due in part to a corruption crackdown by China's communist government that has targeted conspicuous consumption by bureaucrats using public monies. This has been particularly hard for Moutai, an expensive liquor brand in China, which fell from 5th place among men in last year's survey to 13th this year.
High end watches have also taken a hit, with global stalwart Rolex being pushed off the list entirely. The only watch-only brand to stay in the top 15 was Longines.
The French are apparently doing well with the rich in China, with fashion brands like Louis Vuitton (#1 with men and #2 with women), Chanel (#4 for men and #1 for women), Cartier (jewelry and watches), Dior, Hermés, and wine maker Château Lafite Rothschild were all top brands in the survey.
Not on the list was Samsung or any other Android device maker. Indeed, Apple was the only technology company to make the list for either men or women.
The survey was limited to those with a minimum personal wealth of RMB10 million (roughly equivalent to US$1.6 million/€1.2 million/£1 million. A subset deemed “the super Rich” by HRI had personal wealth ten times that. The average age of those participating in the survey was 38—the Super Rich subset had an average age of 40.
Best Brand for Gifting by Men
|
Brand |
% |
Key Gifting Category |
Country |
|
|
1 |
Louis Vuitton |
13.9 |
Accessories |
France |
|
2 |
Apple |
8.9 |
Electronics |
US |
|
3 |
Hermès |
7.2 |
Accessories |
France |
|
4 |
Chanel |
6.7 |
Apparel, Accessories, Perfumes |
France |
|
5 |
Cartier |
5.6 |
Jewelry, Watches |
France |
|
6 |
Gucci |
5.0 |
Accessories |
Italy |
|
7 |
Montblanc |
4.9 |
Pens, Accessories |
Germany |
|
8 |
Dior |
3.9 |
Accessories |
France |
|
9 |
Burberry |
3.3 |
Apparel, Accessories |
UK |
|
10 |
Château Lafite Rothschild |
3.0 |
Alcohol |
France |
|
11 |
Armani |
2.9 |
Apparel, Accessories |
Italy |
|
12 |
Prada |
2.8 |
Apparel, Accessories |
Italy |
|
13 |
Moutai |
2.2 |
Alcohol |
China |
|
14 |
Tiffany & Co |
1.9 |
Jewelry |
US |
|
15 |
Longines |
1.7 |
Watches |
Switzerland |
Best Brand for Gifting by Women
|
Brand |
% |
Key Gifting Category |
Country |
|
|
1 |
Chanel |
15.9 |
Apparel, Accessories, Perfumes |
France |
|
2 |
Louis Vuitton |
14.3 |
Accessories |
France |
|
3 |
Cartier |
11.1 |
Jewelry, Watches |
France |
|
4 |
Tiffany & Co |
10.6 |
Jewelry |
US |
|
5 |
Apple |
7.9 |
Electronics |
US |
|
6 |
Montblanc |
6.4 |
Pens, Accessories |
Germany |
|
7 |
Gucci |
6.0 |
Accessories |
Italy |
|
8 |
Prada |
4.8 |
Apparel, Accessories |
Italy |
|
9 |
Dior |
3.2 |
Accessories |
France |
|
10 |
Burberry |
1.6 |
Apparel, Accessories |
UK |