The Hurun Research Institute released the UK Luxury Brands in China Report, highlighting the impact UK brands are having on the Chinese luxury consumer.
This report summarises the UK-related content from the Hurun Best of the Best Awards 2017, and the Hurun Report Chinese Luxury Consumer Survey 2017 (‘CLCS 2017’). This is the second year Hurun Research has revealed the UK Luxury Brands in China Report, the last one being two years ago in January 2015.
Travel. The UK won Top 10 International Luxury Travel Destination Star Performer, up 4 places to sixth. British Airways won Business Class to Europe Star Performer for the third consecutive year.
Hoogewerf said, “Chinese luxury consumers continue to be extremely busy, away on business trips for 8 days a month on average, up one day YOY. Despite this, they take 10 days for holiday, 3 days more than last year, whilst the super-rich take 5 more days than last year to 15 and go abroad 3.4 times a year on average, twice for traveling. ”
Fashion. Burberry shoot back into Top 10, after a two year break, for the Best Brand for Gifting by Men, coming behind Moutai and Chanel in sixth. Despite this, Burberry fell six places to eighth for Best Fashion Label for Men and dropped to sixth for Best Fashion Label for Women. Dunhill slipped one place to seventh for Best Fashion Label for Men and down to twelfth for Best Accessory for Men.
Education. The US come into the Top with 34%, and the UK a strong second with over 20%, same as last year. BE Education won Best High-End Overseas Study Brand for the eighth year running.
Luxury Retails. Harrods won Best London Luxury Shopping Destination for the fourth year running. Backes & Strauss won Best British Jewelry Watch for the first time.
Real Estate. London was listed 14th for preferred cities for Chinese to buy residential property. The US held onto the leading positions led the way with LA, San Francisco, and Seattle. Berkeley won Best Luxury Homebuilder in London for the second year running.
Real estate brokers. Knight Frank won Best Luxury Real Estate Advisor in the UK for the third consecutive year. Christie's International Real Estate won Global Luxury Real Estate Network Star Performer also for the third year running.
Cars. The UK super luxury car brands see excellent performance this year. Rolls-Royce Ghost won Best Super Luxury Executive Car, followed by Bentley Mulsanne. Rolls-Royce Wraith won Best Super Luxury Car for Self-Drive, followed by Aston Martin DB9. Aston Martin DB11 won Super Car Best New Arrival. Jaguar XFL won Executive Car Star Performer. Range Rover won Best Luxury SUV for the second consecutive year.
Drinks. Royal Salute was the winner again for Best Premium Whisky award for the ninth year running. Johnnie Walker Blue won Premium Whiskey Star Performer for the third consecutive year. Macallan won Best Single Malt Brand for the fifth year running. Singleton won Single Malt Best New Arrival. Shuijingfang, acquired by Diageo, the UK drinks giant, won Baijiu Brand Star Performer and shoot into Top 3 for Best Baijiu Brand, following Moutai and Wuliangye.
Finance. HSBC won Best Foreign Bank for Personal Banking for the twelfth year running. Bank of China UK won Best Bank for Global Chinese in UK for the first time.
Collecting. Christie's broke back for Best International Auction House. Hoogewerf said, “The appetite for collecting by Chinese luxury consumers bounced back 10% this year.” Classic cars remained as Top 10 collectables, coming in ninth.
Interiors. de Gournay won Best Hand Painted Wallpaper again.
Ten Trinity Square Private Club won Luxury Private Club in UK Best New Arrival.
Horses. Riding has been number one most want-to-try sports in next three years by China’s luxury consumers, followed by surfing and sailing. Heilan Equestrian won Best Equestrian Center in China for the third year running, whilst Reignwood Polo Club won Best Equestrian Club in Beijing, Jinma International Equestrian Sports Park won Best Equestrian Park in Chengdu and County Down Club won Equestrian Club in Shanghai Best New Arrival.
This is the thirteenth consecutive year Hurun Research has revealed the brand preferences, consumption habits and lifestyle trends of China’s wealthiest individuals. Widely regarded as an ISO 9000 for China’s luxury sector, the CLCS has become a benchmark for the luxury sector.
Hurun Report Chairman and Chief Researcher Rupert Hoogewerf said, “The drop in the pound post Brexit certainly helped the UK become a preferred travel destination.”
Market Size
By May of 2016 , the number of millionaires (defined as individuals with personal wealth of CNY 10 million, equivalent to US$1.42 million) in China’s 31 provinces, municipalities, and autonomous regions, apart from Hong Kong, Macao, and Taiwan reached 1,340,000 - an increase of 130,000 from the previous year, an increase of 10.7%.
Among those figures the number of super-rich (defined as individuals with personal wealth of CNY 100 million, equivalent to US$14.2 million) has already reached 89,000, an increase of 11,000 people within the last year - a 14.1% rise, according to Hurun Wealth Report 2016.
Hurun Rich List 2016 swelled to 2056 individuals, up a record-breaking 179 with same cut-off of CNY 2bn (US$292m) as last year. 594 dollar billionaires, despite a slight decrease, propelled China ahead of the US for the second consecutive year. Greater China now has 754 dollar billionaires, after adding in 94 billionaires from HK, Taiwan and Macao. This compares with only 535 in the US, according to the most recent Hurun Global Rich List.
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