Hurun Chinese Luxury Consumer Survey 2014
Shanghai-based publishing group Hurun has released the findings of its latest Chinese Luxury Consumer Survey. Now in its 10th year, the poll reveals the brand preferences, spending habits and lifestyle trends of China’s richest citizens, defined by personal wealth of 10 million yuan ($1.6m) or more.
Findings show the average spending of these high-net-worth individuals (HNWIs) fell by 15% in 2013, with spending on gifting dropping by a significant 25% – largely due to a government crackdown on corruption and conspicuous consumption, as well as the economic slowdown. However, the report offers insight into how and where they spent their cash.
Louis Vuitton is no longer the go-to brand for rich Chinese men seeking to buy gifts, losing its crown for the first time since the surveys began to fellow Parisian label, Hermes. US tech giant Apple came second, while Louis Vuitton was third. Parisian label Chanel continues to reign as the top brand for gifting by women, followed by Louis Vuitton and Apple.
The report also finds that Chinese millionaires are now spending more time on business trips – increasing by 7% in 2013 to an average of 7.5 days a month – leaving less time for leisure, which fell by 20%. However, they still spent an average 7.5 days on holiday last year, with Australia finally knocking France from the top spot as the favoured destination after four years at number one.