Brand Preferences for Rich Chinese

Half of the Mainland's Wealthiest Consumers Spend at Least $151,000 Annually

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SHANGHAI ( -- The average Chinese millionaire spends about RMB 2.5 million ($379,700) per year, according to the latest study from Hurun Report, which has tracked the consumption habits and lifestyle trends of China's highest net worth individuals for the past seven years.

Between April and November 2010, Hurun interviewed 401 millionaires, each with assets of at least RMB 10 million ($1.52 million), including 45 people with assets--investment assets, shares in unlisted companies, real estate and art collections --of at least RMB 100 million ($15.18 million).

The average Chinese millionaire spends RMB 1.9 million ($288,772) annually, according to Hurun founder Rupert Hoogewerf. People who spend one to three million yuan ($151,880-$455,640) made up the largest proportion in the rich population with about 50%, up 11 percentage points from a year earlier.

Those who spend less than one million RMB account for 37%, decreasing eight percentage points on-year. The number of people who spend more than three million RMB also decreased by three percentage points to 13%.

The average age of respondents with at least 10 million RMB was 39, while the average age of respondents with at least 100 million RMB was 43. Among China's wealthiest spenders, women comprise 30% of the total.

Amongst the top ten overall most popular luxury brands in this year's report, there are two newcomers--Bentley and Prada. Louis Vuitton once again retained the top spot; Hermes rose from fourth place last year to second place on the current list. Chanel maintains third place, followed by Cartier (4) and Gucci (5).

Cartier is number one overall jewelry brand for the seventh year running, continuing to outpace its competitors, while Patek Philippe is the leading luxury watch brand for the third time.

Giorgio Armani is the top fashion brand for the seventh year in a row. Burberry put in an outstanding performance this year, moving from fifth to second place. Hugo Boss and Versace maintain last year's third and fourth respectively.

Hermes is the most popular accessory this year, while Montblanc is, once again, the most popular writing instrument. Estee Lauder puts in an astounding performance, coming from a position outside the ranking last year to take first place as the best skin care product this year, while Vertu is perceived as the best luxury mobile.

The Rolls-Royce Phantom is the top super luxury car, with the Bentley Continental Flying Spur also retaining its place as the best super luxury self-drive car. The Audi A8 replaces the Mercedes-Benz S-class as the best luxury car. The Audi Q7 is the top-ranked luxury SUV, with the Land Rover Range Rover reelected as the best all-terrain luxury SUV.

The Mercedes-Benz E-class replaces the Audi A6 as the most popular car in the best executive car category and Lamborghini replaced the Porsche 911 at the top of the best super luxury performance car category.

Louis XIII was reelected as the best luxury wine as well as winning the title of best ultra luxury cognac. Moutai is once again best Chinese spirit. Dom Perignon replaces Moet & Chandon as best premium Champagne, while Davidoff is reelected as best cigar. Cohiba was named best luxury cigar.

Shangri-La stands out on this year's survey as being amongst the handful of brands reelected for the seventh consecutive year, retaining its title as best luxury hotel brand.

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