The report found Chinese millionaires preferred French brands for gifting with French wine Chateau Lafite, Louis Vuitton and Chanel products dominating the list.

 

Moutai, China’s only local brand to make the list, dropped this year from fifth place to thirteenth, its drop in popularity coming off the back of a ban over the Chinese New Year period not to be included in official government celebrations. Government officials are Moutai’s largest customer base with its main product retailing at RMB 1800 a bottle.

 

Accessories were the gifts of choice with fashion brands Burberry, Gucci and Montblanc all making the list.

 

Apple products were also popular.

 

Hurun Report Founder and Chief Researcher Rupert Hoogewerf said 2013 clearly indicated a trend towards gifting “more modestly-priced top luxury goods.”

 

Property remained the key personal investment option for most surveyed (over 60 percent), despite increased government control on property purchases and a generally poor market.

 

One in four millionaires are extremely confident about the economic future.

 

Tax is still considered the best way to be socially responsible, and environmental concerns are still important, especially among respondents who are over 45.

 

Travel remained the number one leisure activity of Chinese millionaires, however, Chinese super-rich are going overseas less – 3.4 times a year compared to 4.2 the year before. France remained the top international luxury destination while Sanya is the most preferred local Chinese holiday destination. Australia dropped from third position to seventh as best international luxury destination – and the first time it has dropped from the top three since 2006.

 

The report found swimming the hobby of choice, beating golf to top spot. Horse riding, which is up to fifth position, is the fastest rising sporting pursuit among China’s wealthy.

 

The inaugural Millionaire Happiness Report, a sub-report of the Chinese Luxury Consumer Survey 2013, found generally, that the richer Chinese millionaires were, the less happy they were.

 

Self-made female millionaires were more likely to be divorced (35 percent).

Male respondents considered the establishment of their own company as the happiest moment of their life, whereas women considered theirs to be falling in love, the report found.

 

Both male and female millionaires are dissatisfied generally with their health and want to spend more time with their children.

 

This is the ninth year of the Hurun Report Chinese Luxury Consumer Survey. ■

 

 

 

Hurun Report key findings from Chinese Luxury Consumer Survey 2013

 

• Chinese baijiu brand Moutai falls out of Top 10 Preferred Brands for Gifting

 

• Luxury watch industry has tough year with only Longines listed as a preferred watch brand for gifting, coming in at fifteenth

 

• Chinese Millionaires sleep 6.5 hours a night.  (Half an hour more on weekends)

 

• Burberry, Gucci and Montblanc jump into Top 10 Preferred Brands for Gifting

 

• The super-rich spend a third of their time on the road, 9.2 days a month

 

• Australia drops out of Top 3 as preferred luxury destination for the first time since 2006

 

• France is the most popular luxury destination

 

• Switzerland moves to top spot as an education destination

 

• Millionaires prefer the internet to source news, TV is down to fifth place from first last year

 

 

• The wealthier Chinese millionaires are, the more unhappy they are

 

• Chinese Millionaires are concerned with improving their health and family life

 

*Source: Hurun Chinese Luxury Consumer Survey 2013

 

To read the report in full, click here.