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Report: Wealthy still lavish luxury on friends, colleagues

Updated: 2013-01-16 07:27
By Shi Jing and Yu Ran in Shanghai ( China Daily)

The famous baijiu brand Moutai has fallen out of the top 10 preferred brands used as business or personal gifts by China's millionaires, according to a new report, but it was still the only Chinese brand to make it into the top 15.

The Hurun Report's Chinese Luxury Consumer Survey 2013, released on Tuesday, showed the Chinese liquor brand dropped from 5th place last year to 13th in the list of preferred gift brands.

Rupert Hoogewerf, founder and chief researcher of the Hurun Report, a leading luxury publishing and events group, said he wasn't surprised the brand had fallen down the list of gifts favored by the rich, given the government's recent ban on officials' spending excessively on expensive gifts.

Report: Wealthy still lavish luxury on friends, colleagues

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