Ultra-rich Chinese names Bvlgari as one of the top brands for luxury gifting. Photo: Bvlgari’s WeChat
Despite a crackdown on corruption, luxury gifting remains a deeply entrenched social norm in Chinese society. A recent report by the Hurun research institute examined the major international luxury brands that China?s high-net-worth individuals (HNWIs) typically look to when it comes to gift giving. The findings were based on Hurun?s survey over 436 Chinese HNWIs last year, individuals whose personal assets exceed 100 million yuan ($16 million).
Brands favored for gift-giving among China?s HNWIs.
American tech company Apple has remained on the top of the gifting list among ultra-rich men and women for the fourth consecutive year. Despite a lukewarm response elsewhere, consumers in China?s top-tier cities were still enthused by iPhone X last November, with many even posting their order history from Apple on social media platforms. Apple announced its fourth quarter sales performance on February 1, seeing revenues from Greater China grow nine percent year on year.
Prestige jewelry brand Bvlgari has climbed to the top of the women?s list, and ranks ninth with men. Over the past year, Bvlgari?s snake-inspired Serpenti jewelry watches and leather goods collection has become a ?must-have? item for many ultra-rich Chinese women owing to the distinctive, innovative design.
Unsurprisingly, the popularity of the French luxury powerhouses Chanel, Louis Vuitton and Hermès contin...