Chinese consumers appetite for luxury bouncing back

Appetite for luxury by Chinese consumer has increased by 20 percent, returning to its 2013 level, according to the 2017 Hurun Chinese Luxury Consumer Survey.

China’s Hurun Research Institute annual survey, which reveals brand preferences, consumption habits and lifestyle trends of China’s wealthiest individuals, shows that 90 percent of Chinese millionaires are confident in China’s economic development.

There was good news for the UK in the results, Britain was ranked 6th in the preferred international luxury travel destination list, rising four places in the rankings from last year, behind the Maldives, France, the US, Australia and Japan.

Harrods took the best London luxury shopping destination honour for the fourth consecutive year, while Backes and Strauss were named the best British jewellery watch brand for the first time, and Jimmy Choo was crowned the best shoes for women.

There was also good news for Burberry as it bounced back into the top ten brands for gifting for men, ranking sixth after Apple, Cartier, Louis Vuitton, Moutai and Chanel.

In the women’s gifting top ten, Louis Vuitton took top honours ahead of Apple, Chanel, Bulgari, Cartier, Hermes, Montblanc, Dior, Gucci, and Prada.

Overall best fashion label for women was taken by Chanel, as was the best accessory for women honour, while the best fashion label for men was awarded to Giorgio Armani, and Cartier was named best accessory for men.