A study of the spending habits of China's super rich has put Louis Vuitton on top of the list of brands most likely to be owned by the demographic with British luxury brand Dunhill second. Dunhill is the only British brand to make the top 10 list.
The survey canvassed the views of almost 800 wealthy Chinese citizens questioned from across the country. It was led by luxury goods consultancy FDKG and Dr. Lu Xiao of Fudan University.
The top 10 brands by ownership among Chinese net worth individuals are:
"China's spending power is exploding and this confirms the massive opportunity for Dunhill and other British brands in the Chinese market," says Ken Grant, managing director of FDKG. "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."
Based on a sample of 800 wealthy Chinese businessmen and woman earning on average 1,000,000 RMB a year (£100,000), 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. Those interviewed range in age from their early 20s to 60s, and were distributed across 62 cities in mainland China. More information can be found at www.fdkginsight.com/reports/marketreports.htm.