
Apple
has taken the number one luxury gifting spot in China from designer
goods maker Hermès International SCA, according to a Hurun luxury report
on Thursday, reflecting the iPhone maker’s recent hot streak in the
country.
The
U.S. tech firm’s focus on glitzy stores and high prices helped it post a
70 percent rise in sales in China in the last three months of 2014 and
powered the company to the largest profit in corporate history.
Spending
on gift-giving overall dropped 5 percent in 2014, after a 25 percent
drop the year before, according to the Hurun Chinese Luxury Consumer
Survey. Beijing has been cracking down on corruption and luxury spending
among public officials, weighing down sales of premium liquor to
handbags.
Domestic
luxury spending in China dipped for the first time last year, according
to consultancy Bain & Co, with increasing numbers of shoppers
looking to spend money overseas.
“Travel
retail continues to change the dynamics of luxury in China, with 7 out
of 10 luxury goods bought by Chinese now being bought overseas,” said
Hurun Report Chairman Rupert Hoogewerf.
Hermes
dropped to seventh from the top spot last year, while Chinese premium
liquor maker Kweichow Moutai Co Ltd re-entered the top 10 after a two
year hiatus, a potentially positive sign after sales were hit by the
anti-luxury campaign.
Apple in first place was followed by LVMH Moet Hennessey Louis Vuitton SE, Kering SA’s Gucci and Chanel.
The
report, which has been carried out for over a decade, was based upon a
survey of close to 400 millionaires with a personal wealth of 10 million
CNY ($1.6 million, roughly Rs. 9 crores)
Posted by : Gizmeon
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