China’s wealthy are not only hungry for tech and travel, but their “appetite” for high-end goods is up 20 percent, according to a recent Hurun survey.
Chinese wealthy consumers’ enthusiasm for luxury goods is on the rise and brands like Bulgari and Apple are reaping the benefits, according to Hurun’s latest consumer report. The report features Hurun’s “Best of the Best Awards 2017,” based on the results of the research insititute’s Chinese Luxury Consumer Survey 2017. According to the survey, 90 percent of the country’s millionaires are “confident” in China’s economic development, and their “appetite for luxury” has risen 20 percent compared to the year before.
Hurun surveyed 449 millionaires in the mainland, defining “millionaires” as those with a personal wealth of RMB 10 million (US$1.4 million). About 12 percent of those surveyed were “super-rich,” with a personal wealth of RMB 100 million; about 60 percent of this elite group came from China’s first-tier cities. The respondents gave insights into which luxury brands are performing particularly well in China, especially when it comes to their choices for gifts for family and friends during Chinese New Year.
Apple came out on top for men as a particularly popular brand, with 25 percent of male respondents saying they would gift an Apple product during Chinese New Year. For women, Apple rose to second place, with just over 14 percent of respondents saying they would give an Apple product as a gift.
However, the year’s biggest winner was arguably Bulgari. The brand became particularly popular for gifting this year—for women, it rose five places to rank number four, while for men, it ranked number seven, ahead of Gucci, Hermès, and Dior. New to the list were brands like Burberry for men, while Wuliangye joined Moutai among the rankings as a popular baijiubrand.