According to Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report
“Gift-giving is an essential part of Chinese culture. The money spent on gifting, especially at Chinese New Year, is staggering compared with the West.”
One should not be surprised therefore that as Red Luxury reports, the top gifts favoured by Chinese luxury consumers in 2012 according to a survey of 503 Chinese millionaires consist mostly of global name brands, particularly French brands.
Guan Hongsheng, who owns a trading company in Wenzhou says
“What I want is a brand that is widely recognized. Domestic brands are still not well-known enough for my friends. I prefer the latest items that cost more than 10,000 yuan each,”
Mr. Hongsheng spent more than 1 million yuan in business-related gifts that included more than 40 iPhones, seven iPad 2s, Macbooks and items from Cartier, Hermes and Montblanc.
A typical wealthy mainland Chinese included in the survey of which 3 out of 5 were male, average age was 41 with a personal wealth of Renminbi 10 million or more (equivalent to USD 1.6 million / Euro 1.2 million / GBP 1 million) “has two private bank accounts, 4.2 watches and three cars. They travel eight days a month for work. They go abroad three times and spend 20 days for leisure in a year.”
Top 10 Gifts for the Chinese Luxury Consumer 2012
| Rank |
Brand |
% of Respondents |
Sector |
Country of Origin |
| 1 |
Louis Vuitton |
14.9% |
Fashion |
France |
| 2 |
Cartier |
10.3% |
Jewelry, Watches |
France |
| 3 |
Hermes |
8.0% |
Fashion |
France |
| 4 |
Chanel |
6.2% |
Fashion, Perfumes |
France |
| 5 |
Moutai |
5.9% |
Drinks |
China |
| 6 |
Apple |
5.7% |
Consumer Electronics |
US |
| 7 |
Dior |
4.6% |
Fashion |
France |
| 8 |
Prada |
3.9% |
Fashion |
Italy |
| 9 |
Rolex |
3.6% |
Watches |
Switzerland |
| 10 |
Armani |
3.4% |
Fashion |
Italy |
Source: Hurun Best of the Best Awards Survey 2012
