The double digit growth of the Chinese economy is creating more and more millionaires and billionaires. China has almost eight percent more billionaires this year than it had last year. With the growing number of the rich in China the luxury brand awareness is also growing rapidly in China. These facts have come out as a result of the 2011 Best of the Best Survey done by Hurun Report.
401 Chinese millionaires were interviewed for the survey and it was obvious that the Chinese are developing more sophisticated tastes in luxury products. The luxury brands are very active in China today and as a result people are becoming better educated and aware about the luxury brands. They don’t need to learn from Europe any more. All the top luxury brands are focused on China to maximize their share of a growing market. Louis Vuitton was the most popular brand in China followed by Hermes, Chanel, Cartier and Gucci, in that order.
The surprising find of the survey was that more of the wealthy prefer collecting red wine to luxury cars. The rich in China also like to travel abroad. A majority of them also consider getting their children educated abroad. Another important trend that the survey discovered was that the average age of the rich is falling gradually. It is all good news for the luxury brands from China.