A survey just released in China has lifted the lid on the nation’s obsession with luxury brands and identified just where consumers are spending their money.
The 2009 21st Century Deluxe Report (www.21deluxereport.com — in Chinese only) says that China’s love affair with luxury shows no signs of abating.
According to one Professor Lu Xiao (Fudan University), who was in charge of the survey, decisions on spending made in China are now “knowledged-based.”
It also asked specifically which brands turned consumers’ heads and found that only one Chinese brand was among the most-wanted.
China’s favorite brands
Jewelry and watches: Cartier
Airlines for business trips: Air France
Beverages (spirits): Martell
Brands to buy for Christmas: Omega, Swarovski, Dewar’s.
The “21st Century Deluxe Report” was organized by the 21st Century Business Herald business newspaper and was supported by the Ipsos global market research company and Shanghai’s Fudan University.
During three months of extensive research, more than 150,000 individuals across the country responded to questionnaires about their purchasing patterns and the factors that influence them.