January 17, 2013
Rolex watches and a pricey liquor popular for toasting with at banquets are no longer top brands for gifting among China's wealthiest consumers, according to a new survey, reflecting in part the impact of a government crackdown on corruption.
The "Chinese Luxury Consumer Survey 2013" underscores the nuances of luxury marketing in China and the importance of gifting in Chinese culture. The Shanghai-based Hurun Report, which tracks consumption habits of China's richest individuals and conducted the study, has said the demographic spends about $24,000 on gifts each year, mostly to be given away at business occasions.
"You have a change in the political leadership and (that) meant a big anti-corruption drive," said Hurun founder Rupert Hoogewerf, referring to the new class of Communist Party leaders who will be installed in March. "They're very much trying to demonstrate you're not allowed as an official or someone in authority to receive gifts that are clearly expensive."
Continue reading at AdAge.com
Read entire article on Advertising Age