A new survey shows Chinese consumers prefer Apple products such as iPhones and iPads to high-end designer accessories for luxury gifts
Apple now trumps Chanel, Monte Blanc and Louis Vuitton as top luxury brand in China. This report comes from Hurun Research, which shows the Cupertino-based tech giant’s climb up the ladder.
According to the survey results, 20.3% of men claim Apple products are the best gifts to give. That compares to the 13.4% of men who preferred Louis Vuitton. The survey also showed 18.9% of women chose Apple gifts, but Chanel came in at a close second with 13.2%.
There's a gold rush coming as electric vehicle manufacturers fight for market share, proclaimed David Einhorn at this year's 2021 Sohn Investment Conference. Check out our coverage of the 2021 Sohn Investment Conference here. Q1 2021 hedge fund letters, conferences and more SORRY! This content is exclusively for paying members. SIGN UP HERE If you Read More
Apple products are at the top of everyone’s wishlist
Samsung, Apple’s main rival, sits at the bottom with a score of 10. This year Burberry and Prada didn’t even make the list. The top five brands for luxury gifts preferred by men include Apple, LV, Gucci, Chanel and Monte Blanc. Top luxury brands for women include Apple, Chanel, LV, Dior and Hermes.
This survey is great news for Apple, as the tech giant remains focused on growing in China, a key market Apple has been trying to secure for quite some time. The tech giant already dominates in many markets with the iPhone and iPad, but it’s not enough. China boasts the largest market, and capturing it would put the tech giant ahead of competition from the likes of Samsung. The Apple brand often is associated with the luxury market as affluent customers tend to flock toward the tech giant’s smartphones and tablets.
Retail expansion in China
Apple has been expanding its presence in the Chinese market by adding more stores. It currently has 15 stores in mainland China and three in Hong Kong. It also opened three stores last month in Chongqing, Hangzhou and Zhengzhou. Apple also plans to open another store this coming weekend in Tianjin. Apple’s most successful retail store is in the city of Shanghai. It attracts over 25,000 visitors a day.