Top ten luxury brands in China
A Shanghai-based research firm focusing on the luxury goods market, FDKG, has said it has carried out the largest ever study of China’s high net worth individuals and has compiled a top ten for the luxury brands that wealthy people in China like to buy.
The company carried out an in-depth study of the spending habits of almost 800 wealthy Chinese citizens from across the country.
Ken Grant, managing director of the consultancy firm, commented: “Our view is that the habits of wealthy individuals in this market remain embryonic but that this will not last for long. Now is the time for luxury goods businesses to seriously consider engaging with the Chinese market.”
The top ten brands by ownership amongst Chinese net worth individuals are:
- Louis Vuitton
- Dunhill (which sells only leathergoods and clothes in China, not tobacco)
- Gucci
- Ports
- Dior
- Armani
- Hermès
- Chanel
- Zegna
- Prada.
Those taking part in the study were Chinese businessmen and women earning on average 1 million RMB ($150,000) a year. The report includes responses to 67 specific questions about their business ideals and aspirations, their personal spending and saving habits, and their perceptions of the outlook for themselves and their family over the coming years.
Source: Leatherbiz.com