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BEIJING: Chanel, BMW and French wines are the preferred choices for
affluent consumers in China, even if they have to pay a premium for
foreign luxury, a survey showed.
More than 56 percent of well-off Chinese favor
foreign or world-famous brands, according to a report released by
MasterCard Worldwide this week, based on a survey of high-earning
Chinese city-dwellers.
The survey covered 1,800 people with an annual
income over $16,000 in Beijing, Shanghai and the southern city of
Guangzhou.
Most of the respondents believed that brands
were either “extremely important” or “important,” with 92.7
percent citing high quality as a key factor for choosing a brand,
the report said.
Some 68.3 percent said brand recognition and
58.5 percent said fashionable looks and design were also reasons for
preferring certain brands.
All of the top 10 automobile brands and watch
brands are foreign, with BMW and Rolex ranking the first in each
category, respectively.
Foreign brands also dominate when it comes to
fashion, with Chanel taking the top position and Giorgio Armani in
second among a top 10 that, again, are all foreign, the survey said.
It also found that the consumption of wine,
although a relatively recent lifestyle trend in China, is fast
becoming popular especially among the rich, with French wine
preferred by 80.7 percent of the respondents.
-- AFP
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