Chinese gifting bounces back 15%, authority on Chinese Luxury Consumer releases 12th Chinese Luxury Consumer Survey.

The Hurun Research Institute released the Hurun Best of the Best Awards 2016, based on the results of the Hurun Report Chinese Luxury Consumer Survey 2016.

This is the twelfth consecutive year Hurun Research has revealed the brand preferences, consumption habits and lifestyle trends of China’s wealthiest individuals. Widely regarded as an ISO9000 for China’s luxury sector, the CLCS has become a benchmark for the luxury sector.

In recent half year, the Hurun Research Institute, a wholly-owned subsidiary of Hurun Report Inc, surveyed 458 Mainland Chinese ‘millionaires’, defined as individuals with a personal wealth of RMB 10 million (equivalent to USD 1.52 million).

Amongst them were 57 super-rich(12%), defined as individuals with wealth of RMB 100 million (USD 15.2 million). Their average wealth was US$6.65million; the age was 37 years (38 among the super-rich band), which is one year younger than last year; the ratio of men to women surveyed was close to 1:1.

Respondents were from 40 cities, 60.9% coming from the first tier cities of Beijing(13.3%), Shanghai(37.6%), Guangzhou(7.6%) and Shenzhen(2.4%). The Hurun Research Institute has carried out this survey now for 12 years running, surveying 5652 millionaires making this the largest and most authoritative survey of its kind in China.

This press release is an executive summary of the Chinese press release. For the full press release, please refer to the Chinese-language version on the http://www.hurun.net.

Gifting

Overall, gift giving has increased than last year. Gift giving by men and by women increased 15% and 24% respectively. And gift giving for Elderly and children increased 11% and 15% respectively.

Top three of the preferred brand for gifting by Men’s richest remains the same as last year. Apple crowns first, followed by LV and Gucci. Both of Cartier and Tiffany rose 4 positions. Hermes continued to drop from sixth to ninth.

Top three of the preferred brand for gifting by women’s richest are still Chanel, LV and Apple. However, the rank changes. Chanel climbed up to the crown. LV came to second, while Apple lost its first position and down to the third.

The Star Performance: Bulgari returned to the top 10, ranks ninth. Dior dropped down 3 places to seventh.

The Hurun Business Confidence Index noted that over 80% respondents are positive on the Chinese economy. However, there are only 27% are ‘extremely confident’ in the economy, much lower than 35.8% of last year.

Source: Hurun Best of the Best â€" Chinese Luxury Consumer Survey 2016. Yellow: Extremely confident Blue: confident Grey: No confident

Consumption

Travel, luxury good and kid’s education are the highest expense for respondents. Sanya is still the most preferred holiday home destination, with one forth. Meanwhile, 20% prefer overseas holiday home destination, up 5%.

Travel

Travel is the number one leisure activity for Chinese super-rich. Average travel time decreased 1 day per month, with 7 days.

Europe is still the most preferred international luxury travel destination.

National, Sanya is the number on most preferred luxury travel destination for the sixth consecutive year.

Read the full report here.