Apple's Products are the Most Popular Gifts Among China's Wealthy, Beating out Hermes, Louis Vuitton

[RaduTyrsina]

According to a report from Reuters, which cites data from Hurun luxury publication, it seems that Apple has managed to take the number one luxury gifting spot in China. The data was collected from a survey of nearly 400 Chinese millionaires, each with a net worth equal to or greater than $1.6 million.

Apple beat out out a number world-famous brands for the title, leaving Louis Vuitton on the second place, Gucci in third, and Chanel in fourth. Hermes dropped to seventh from the top spot last year. Here's what more Reuters added:

Spending on gift-giving overall dropped 5 percent in 2014, after a 25 percent drop the year before, according to the Hurun Chinese Luxury Consumer Survey. Beijing has been cracking down on corruption and luxury spending among public officials, weighing down sales of premium liquor to handbags.

Domestic luxury spending in China dipped for the first time last year, according to consultancy Bain & Co, with increasing numbers of shoppers looking to spend money overseas.

However, most luxury purchases were made outside of mainland China, which has lead to an overall decline in domestic luxury spending. Hurun Report Chairman Rupert Hoogewerf says:

"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."

During Apple's quarterly earnings call, CEO Tim Cook said China is "an incredible market" and that Chinese consumers love Apple products. Apple hopes to operate 40 stores in the country by mid-2016.

Source: Reuters