Chinese rich offer mainly European gifts at new year – Rupert Hoogewerf

Rupert Hoogewerf Rev — Rupert Hoogewerf or Hurun

Chinese new year is nearing fast, a traditional gift-giving season. Most of those luxury gifts from China’s rich are foreign, European to be precise, says a study done by Hurun, the research company founded by Rupert Hoogewerf, reports the China Daily. Only Chinese liquor moutai makes it into the top-10.

The China Daily:

“Gift-giving is an essential part of Chinese culture,” Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, a research unit and publishing group, told a news conference in Beijing on Wednesday.

“The money spent on gifts is staggering compared with the West.”

The report, Top 10 Gifts for the Chinese Luxury Consumer 2012, found that French brands dominate with the five of the top 10, followed by Italy’s Gucci and Prada. Apple Inc of the US was sixth.

The study covered 503 wealthy Chinese on the mainland as it sought to reveal their brand awareness and preferences, consumption habits and lifestyle trends.

Those interviewed – mostly engaged in manufacturing and property development – had average wealth of 63 million yuan ($10 million), up 15 percent from the previous year…

Hurun’s wealthy individuals are 41 years old, on average.

A typical wealthy Chinese individual included in the survey “has two private bank accounts, 4.2watches and three cars,” Hoogewerf said.

“They travel eight days a month for work. They go abroad three times and spend 20 days for leisure in a year.”

The report found that the very wealthy have less interest in real estate this year, which still tops their investment category, with gold ranked second and fixed-income securities ranked third.

More in the China Daily.

Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.