According to a Hurun luxury report, Apple has snatched the top luxury gifting spot in China from designer goods maker Hermes International, reflecting the iPhone maker’s recent hot streak in the region. Reuters notes that the Cupertino giant’s focus on glitzy stores and high prices helped it post a 70% rise in sales in China in the last three months of 2014, making it possible for the company to post the largest profit in corporate history.
The Hurun Chinese Luxury Consumer Survey has also revealed that spending on gift-giving overall dropped 5% in 2014, after a 25% drop the year before. Domestic luxury spending in China dipped for the first time last year as well. Hurun Report Chairman Rupert Hoogewerf said, “Travel retail continues to change the dynamics of luxury in China, with 7 out of 10 luxury goods bought by Chinese now being bought overseas”.
“Hermes dropped to seventh from the top spot last year, while Chinese premium liquor maker Kweichow Moutai Co Ltd re-entered the top 10 after a two year hiatus, a potentially positive sign after sales were hit by the anti-luxury campaign.
Apple in first place was followed by LVMH Moet Hennessey Louis Vuitton SE, Kering SA’s Gucci and Chanel”.
The survey is based upon nearly 400 millionaires with a personal wealth of 1 million pounds or more.