Luxury gift spending on the rebound in China
After a double-digit slump in luxury gift spending among China’s wealthy over the past two years, their gifting was on an uptick in 2015, according to Hurun Report’s recently released annual Chinese Luxury Consumer Survey.
The survey of 458 individuals with a net worth of 10 million RMB (US$1.52 million) or higher found that luxury gift-giving by men increased 15 percent and by women increased 24 percent over the past year. This increase marks the beginning of a rebound from a two-year decline totaling 30 percent that was reported in last year’s survey.
While luxury gifting is often associated with corruption in China, the spending increase occurred even as the Chinese government’s anti-corruption campaign continued over the course of 2015. The report comes at a time when some brands are saying they’ve been seeing a slight recovery in mainland China sales—last week, both Burberry and Richemont reported that the mainland returned to growth in the three-month period ending in December.
After Apple ascended to the top of both the men’s and women’s lists as the most-favored brand for gifting last year, the electronics company maintained its rank of number one for men and dropped down to number three for women on this year’s list. This year, Chanel took the crown as the women’s favorite, followed by Louis Vuitton. Louis Vuitton also remained in second place for men, followed again by Gucci in third.