BEIJING: Cartier, Gucci and Mercedes-Benz are among the luxury brands most favoured by wealthy consumers in China, who continue to prefer foreign goods to their domestic alternatives.
The 21st Century Deluxe Report was produced by the 21st Century Business Herald, the newspaper, in partnership with Ipsos, the research firm, as well as Fudan University and the University of Bocconi.
It was based on an online survey of 150,000 high net worth individuals in the world's most populous nation, in order to assess the main factors shaping their choices when it comes to premium products.
Cartier was named as the most popular brand in the jewellery and watches category, a position held by Gucci in the fashion segment, and Mercedes in the auto market.
Air France was the premier air carrier for business travel, with Peninsula the winning hotel chain, while China MinshengBanking Corp was the best-regarded provider of private financial services.
Martell, the French cognac brand, received top billing in the beverage industry, while Omega, Swarovski and Dewar's are all set to be among the most widely-purchased gifts this Christmas.
Looking forward, the study predicted that luxury consumers in China are likely to make the transition from following fashions established elsewhere to setting new trends in the near future.
Moreover, as the industry matures, shopper behaviour will become more "knowledge-based", requiring manufacturers to respond to the unique needs of their customers in the rapidly-growing economy.
Data sourced from China Daily; additional content by Warc staff