Preferred brands of China's richest revealed

 

(Shanghai, January 14, 2010) The Hurun “Best of the Best” 2010 Awards for preferred brands of China’s richest consumers were announced by Hurun Report, for sixth year renowned for its annual ‘China Rich List’.

This is the 6th time since 2005 that Hurun Report has announced the annual research findings of brand awareness and preferences, consumption habits and lifestyle trends of China’s highest net worth individuals.

Demographics of respondents

Between April and November 2009, Hurun Report surveyed 383 Mainland Chinese millionaires, each with an asset of at least RMB 10 million (USD1.5 million). Among them 66 people have assets of at least RMB 100 million (USD 15 million). For the sixth year running, surveys were carried out on a one on one basis, making this the largest and most authoritative survey of its kind in China.

The average age of these high net worth individuals was 41 years, and 70% were male. The geographical distribution of respondents was 28% from East China, 26% from North China;16% from Central China; 15% from South China; 9% from Northeast China and 6% from other areas.

 Jewelry and Watches
Cartier is number one for the fifth year running, yet again distancing itself from its rivals.

Patek Philippe is the leading luxury watch brand for the second time followed at a growing distance by Vacheron Constantin, Cartier and Rolex. Patek Philippe also won the high complications category.

Cartier stormed back after three years to take the best jewelry watch from Piaget.

Fashion
Giorgio Armani wins the best fashion brand for the sixth year in a row followed by Boss and Versace.

Apart from Giorgio Armani only a handful of other brands have won the Hurun Best of the Best of Awards for six years running, namely Bentley, Shangri-la, China Merchants Bank, HSBC and Nokia.

Boss features strongly in the fashion sector due to a strong response from Tier 2/3 Chinese millionaires.

Accessories
Armani and Hermes are leaders in this category.

Cosmetics
Chanel leads the Best Skincare category followed by Dior.

Cars
The Bentley Continental Flying Spur wins the Best Super Luxury Car for Self-Drive category and the Rolls-Royce Phantom for Business. Mercedes-Benz S Class and Audi A8 are leaders in the Best Luxury Sedan category. For luxury SUV’s the Audi Q7 has overtaken the BMW 5 Series to lead the category. Audi A6 is the clear winner in the Best Executive Car category and Porsche 911 wins the Best Super Luxury Performance Car category for a second year running.

Yachts and Private Jets
There is a low understanding of yachts with less than half even having an opinion on the category. Brand recognition is very poor so there is not a lot between the big four brands: Princess, Sunseeker, Ferretti and Azimut. However over 50% said they were looking to buy a yacht in the future.

Private jets also have low brand recognition and less than 1/5 of Chinese millionaires had an opinion on this category. 15% are planning to buy a jet in the future.

Drinks & Smokes
Louis XIII is the king of imported spirits and also won the Best Ultra Luxury Cognac category ahead of Richard Hennessy. Moutai dominates the Chinese spirits market.

Chunghwa continues to dominate the premium cigarette market.

Private Banking
China Merchant’s Bank has dominated two categories, the Best Bank for Onshore Personal Banking and Best Credit Card Issuing Bank. HSBC is the best foreign bank. The financial services market is becoming increasingly competitive.

Art Auctions
Christies and Sotheby’s have both slipped from the top for the first time, and are now led by local brands China Guardian and Beijing Poly.

Education
Tsinghua University dominates the Best Executive MBA program for a fifth year. There is a clear trend for global CEO programs led by CEIBS and CKGSB. British Education won the award for Best Education Service Provider.

Private Clubs
Chang’An is the Best Private Club in China, however there is a strong tendency for regional private clubs to make impact. Mission Hills Golf Club is still the number one golf club and Shanghai Sheshan Golf Club has won top spot for Best Shanghai Golf Club for the first time taking over from Tomson Golf.

Hotels
Shangri-La is top of the luxury hotel brands for the sixth year running. In China the Hyatt Regency and Grand Hyatt are considered to be two separate brands, so these results count them as two brands, if they were combined then Hyatt would beat the Shangri-La as the best luxury hotel brand. Hilton is also shooting up the ranks.

Spa
Banyan Tree is still top of the Best Spa brand category.

Air Travel
Air China wins the best First Class/ Business Class award.

Media
Sina is winner of the Best Online News category and China Business News is the Best Business Newspaper.

Technology
Vertu is by far the Best Luxury Mobile brand and is in a class of its own. Nokia dominates the Best Mobile Phone category while Apple leads the Best Laptop segment.

Survey Methodology
Between April and November 2009, Hurun Report surveyed 383 Mainland Chinese millionaires, each with an asset of at least RMB 10 million (USD1.5 million). Among them 66 people have assets of at least RMB 100 million (USD 15 million). For the sixth year running, surveys were carried out on a one on one basis, making this the largest and most authoritative survey of its kind in China.

The survey asked respondents for their ‘Preferred Brand’ from an alphabetical list of brands in each category together with an ‘Other’ option at the end for brands not covered in the list. For the Best Overall Luxury Brand, the question was open-ended. There were no options. The winner for each category was the brand with the most votes. The Best New Arrival awards were chosen by the Hurun Report editorial and research team.

 

Winners of the 2010 Hurun Best of the Best Awards
The Hurun Best of the Best Award is presented to the winner of each category. This is the preferred brand of China’s richest.

 

About Hurun Report Inc
Nobody Knows China’s Rich Better!

Established as a research unit in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc has grown into a leading luxury publishing group in Shanghai, China, comprising a luxury monthly magazine, the Hurun Report, The Hurun Research Institute and an active business events division targeting China’s entrepreneurs and high net worth individuals.??  

Hurun Report magazine is published monthly and reaches the households of 90,000 proven wealthy Chinese individuals and their advisers. Hurun Report Inc also publishes Hurun Polo & Equestrian, and The Schools Guide Series.

Magnolia Award presented by Shanghai Government
In September 2009, the Shanghai government presented Rupert Hoogewerf, founder of Hurun Report Inc with the Magnolia Award. Hoogewerf was one of the few entrepreneurs, with the others primarily senior representatives of large multinationals, including GE, Diageo, Shiseido, IKEA, Accenture, Mitsubishi, Bosch, Krupp, ABB, General Motors and Yum. "This is a significant government endorsement of the work Hurun Report has done this past decade." says Rupert Hoogewerf.

Named after Shanghai’s official flower, the Magnolia Award is the highest honour bestowed by the City on foreigners who have ‘contributed significantly to Shanghai’s economic performance, international relations, business environment, management standards and community development.’

For further information, see www.hurun.net

Issued by Grebstad Hicks Communications on behalf of Hurun Report

Survey Methodology
Between April and November 2009, Hurun Report surveyed 383 Mainland Chinese millionaires, each with an asset of at least RMB 10 million (USD1.5 million). Among them 66 people have assets of at least RMB 100 million (USD 15 million). For the sixth year running, surveys were carried out on a one on one basis, making this the largest and most authoritative survey of its kind in China.
The survey asked respondents for their ‘Preferred Brand’ from an alphabetical list of brands in each category together with an ‘Other’ option at the end for brands not covered in the list. For the Best Overall Luxury Brand, the question was open-ended. There were no options. The winner for each category was the brand with the most votes. Results compiled by Maxshare.

Demographics of respondents
The average age of respondents was 40 years. The geographical distribution of respondents was 28 per cent from East China, 26 per cent from North China;16 per cent from Central China; 15 per cent from South China; 9 per cent from Northeast China and 6 per cent from other areas.

 

For further detail on the awards, including the percentage of votes for each category and regional differences, please write to research@hurun.net

Hurun Best of the Best Hall of Fame