French luxury brands rank highest in preference of Chinese wealthy
The Hurun Research Institute released its Chinese Luxury Consumer Survey 2013 which reveals the lifestyle and brand preferences of China’s wealthy consumers.
French luxury goods remain highly esteemed by China’s wealthy consumers. These brands dominate the survey’s list of preferred brands for gifting. Louis Vuitton, Chanel, and Dior were among the Top 10 preferred brands for men and women. Leather accessories are the gifts of choice. Burberry, Gucci (at 6), and Montblanc debut in the Top 10 for the first time.
A sign of Chinese luxury consumers’ newfound taste for wine, French wine maker Chateau Lafite made the Top 10 brands for gifting, replacing Moutai, which fell to number 13.
It was a tough year for the luxury watch industry that was largely due to negative press related to government officials in the media. Swiss watchmaker Longines was the only watch brand to make the list, coming in at fifteen, while Rolex dropped off the list this year.
Even in travel, France remains the top preferred destination for China’s rich. Travel is the number one leisure activity, but China’s affluent travelers are not going overseas as much – 3.4 times a year compared to 4.2 a year ago.
Europe’s popularity is surging. Half of the Top 10 destinations are European while Australia and the Maldives are becoming less favored. Sanya is the most preferred holiday home destination.