China’s super-rich might have cut back on spending by 15% last year, but the country has not lost its appetite for luxury brands.
According to the Hurun Report Chinese Luxury Consumer Survey 2014, Chinese millionaires prefer to wear Cartier jewelry, Patek Philippe watches and Hermès accessories, while the wardrobes of the wealthy are stocked with Armani outfits for the men and Chanel for the women. Burberry was the children’s clothing brand of choice among the privileged demographic.
When it came to choosing a car, the Rolls Royce Phantom and the Mercedes-Benz S-class are the top choices for executive vehicles, while the Audi Q7 and the Land Rover Range Rover are deemed the best SUVs.
Around 40% of the super-rich now own a yacht — a 10% increase since last year. The favorite brand is Ferretti. Meanwhile Gulfstream, the Embraer Legacy 650 and the Dassault Falcon 7x are the most popular business jets.
Chinese millionaires are most likely to drink Royal Salute whisky, Martell or Hennessy Cognac XO, although Macallan is the single malt whisky of choice and Louis XIII is the most popular imported spirit.
Moutai is the Chinese spirit of choice amongst luxury consumers. When it comes to champagne they’ll take a glass of Perrier-Jouët over Moët, and smokers will opt for a Chunghwa cigarette or a Davidoff cigar.
The top choice of private members’ club is the Chang’an Club in Beijing and the preferred luxury hotel brand is the Shangri-La. When flying business or first class, the country’s millionaires chose Air China for domestic trips and Singapore Airlines for international travel.
The Hurun report surveyed 393 mainland Chinese millionaires between June and December 2013 with a wealth of RMB 10 million or more ($1.6 million).