Apple now holds the coveted spot as the top luxury brand in China, according to a new survey of the millionaire shoppers in the country.
Apple pushed aside staples in the luxury market, including Cartier, Louis Vuitton and Hermes, which won last year, according to the annual survey by Hurun Research Institute, which questioned 347 ultra-rich people, Time reported.
Individuals with a net worth of more than 10 million RNB (or $1.6 million) ranked Apple as the “best” brand for giving gifts to women and men.
[quote text_size=”small” author=”– Hurun Research Institute”]
The upcoming Chinese New Year would be the peak of gift giving in China. Apple has become the most eye-catching gift brand this year.
The Chinese government has cracked down on luxury gifts, which has affected consumers’ luxury goods spending and changed shopping habits, as wealthy shoppers in China now prefer practical items like watches and iPhones, according to MarketWatch.
The most popular gift category for men this year is watches, which bodes well for the company, as the Apple Watch will be released this year.
In preparation for the big shopping season ahead of the Chinese New Year, Apple released a new ad in the country as part of its expansion effort, Business Insider reported. The Chinese Apple ad follows a similar storyline to “The Song” advert released in the west around Christmas. A young woman uses Apple products to record a song for an elderly relative, which they listen to with an iPad. The ad was custom-made for China.
Analysts believe that, for the first time ever, Apple is selling more iPhones in China than in the United States. As China is still a developing country, the potential customer base is going to grow significantly in the coming years.