Hurun Report’s “Best of the Best” 2011 Awards for Preferred Brands
Today, the Hurun Report, a luxury research unit and publishing group, released their 6th annual research findings of the brand awareness and preferences, consumption habits and lifestyle trends of China’s highest net worth individuals. Surveying 401 mainland Chinese millionaires, the average age being 39 for those worth RMB 10 million and 42 for those worth RMB 1 billion, respondents were asked to pick out their ‘Preferred Brand’ from a list of brands sorted by category.
It’s no surprise that many Mainland Chinese millionaires still prefer Western brands, with Beyond Brics noting that Louis Vuitton was awarded top overall and best for jewellery, followed by Armani for best fashion brand. Last year’s report showed low brand recognition for yachts and private jets, though 50% of respondents said they were looking to buy a yacht in the future and 15% looking to buy private jets. This year, brand recognition in those categories was likely increased, as Azimut was awarded best yacht and Bombardier, best private jet.
Overall, Chinese HNWIs were found to be more sophisticated and discerning in 2010, with respondents recognizing 20 percent more brands than the previous year, some of them domestic, including Shui Jing Fang, a baijiu brand awarded best high-end alcoholic drink. Other standout results include 44 percent of respondents ranking luxury watches and jewelry as the top collectibles, with red wine on the rise. The report also notes that a growing trend is to collect siheyuan, or courtyard houses, similar to the way UK aristocrats buy castles, and that four out of five millionaires consider educating their children overseas.
Rupert Hoogewerf, founder of the Hurun Report, said “Chinese entrepreneurs are getting more and more sophisticated, discerning and confident in their personal style, and what they aspire to, as they try to turn new money into old money.” As Mainland Chinese millionaires seem to be developing their own taste, we may see more surprises in these reports in the future.