Luxury-brand awareness is growing among China’s super rich, who recognize 20% more of the lavish brands than they did last year, according to the Hurun Report.
The 2011 Best of The Best Survey, which interviewed 401 Chinese mainland millionaires, each with assets of more than 10 million yuan ($1.5 million), said the super rich in China are developing more sophisticated tastes in luxury products.
“Chinese entrepreneurs are getting more and more sophisticated, discerning and confident in their personal style, and what they aspire to, as they try to turn new money into old money,” said Rupert Hoogewerf, founder of the Hurun Report.
“The time for China to learn from Europe is over. People here are becoming better educated. They are getting to know luxury brands that are not even familiar to some Europeans,” Hoogewerf said.
According to the 2010 Hurun Wealth Report, released in April, there are 875,000 multimillionaires and 55,000 billionaires in China, or 6.1 percent more millionaires and 7.8 percent more billionaires than last year.
This year, Louis Vuitton was again No 1 in the top ten overall most popular luxury brands among China’s super rich.
Hermes rose to second place from fourth last year, and Chanel stayed in third place. Cartier was fourth and Gucci remained in fifth.
Luxury watches and jewelry continue to rank as the top collectibles for the rich, according to 44 percent of respondents, up by 10 percent over last year. Meanwhile, more of the wealthy prefer collecting red wine to luxury cars, the survey found.
The report also found that the Chinese rich like to travel abroad more and four out of five millionaires consider educating their children overseas.
“Luxury brands have a very special place in China, as there is strong gift-giving culture here. Lots of people like to receive luxury brands to improve their status. It’s a noticeable trend,” Hoogewerf said
Via China Daily