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Global Economics

What Do Chinese Millionaires Like? Apple, Hermès, and Australia


What are the favorite gifts of China’s rich, and where do they like to vacation? Do they drink much alcohol, and how much sleep do they get every night? Now we know: The Shanghai-based publishing group Hurun Report released its 10th annual Chinese Luxury Consumer Survey on Jan. 16. Defined by personal wealth of 10 million yuan ($1.6 million) or more, China’s rich spent less last year, down 15 percent over 2012. Here’s a select accounting of how they spent it:

Gifts. Gift-giving fell 25 percent, quite possibly in large part because of Xi Jinping’s crackdown on official corruption and conspicuous consumption. China’s slowing economy also didn’t help. Still, the rich know what they like. Hermès (RMS:FP) was the most popular brand for wealthy men giving gifts, women chose Chanel. Apple (AAPL) products were the second-most popular gift given by men, and third-most for women. Louis Vuitton (MC:FP), Gucci (GUCG), Cartier (CFR:VX), and Prada (PRP:GR) ranked highly for both genders. The only Chinese brand was Maotai, the fiery distilled liquor; it came in at 14th among men.

Travel. They spent, on average, eight days per month on the business trips, up one day over the previous year. Most got 6.5 hours of sleep a night, from 12:30 a.m. to 7:00 a.m. Meanwhile, leisure time dropped 20 percent, with Chinese millionaires taking 7.5 days of vacation last year. When they took time off, their favorite country is now Australia, edging out France, the choice destination in the previous four years.

Cigarettes and booze. Still, Chinese rich are becoming more health conscious. About 39 percent smoke, down from 60 percent five years ago. Over the same period, those who say they drink dropped to 60 percent.

Dexter_roberts
Roberts is Bloomberg Businessweek's Asia News Editor and China bureau chief. Follow him on Twitter @dtiffroberts.

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