In China, the Rich Love the Taste of Apple

| News

Apple in ChinaProducts 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

 

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