Previous darlings of the luxury industry like Louis Vuitton, Gucci, Omega, Versace and Hugo Boss are out of grace, as the country’s really rich focus on high quality, the real stuff, in stead of those parvenu brands. Hurun founder Rupert Hoogewerf explains in the China Daily what has changed.
Rupert Hoogewerf, chairman and chief researcher of Hurun Research Institute, said that Chinese rich people’s tastes on luxury products have changed in recent years.
Hoogewerf is the founder and complier of the annual Hurun Rich List and has traced Chinese billionaires’ fortunes and lives since 1999.
He said Chinese billionaires admired mass luxury brands in early 2000s, but now they wantsomething unique that can represent their own lifestyles and tastes.
“Chinese rich people liked to drink Chateau Lafite Rothschild,” Hoogewerf said, referring to a famous French wine in China. “The success of this brand in China is mainly due to marketing instead of quality,” he said.
But things are changing, he said, adding that he met a newly rich Chinese recently who said the most favorable wine brand is La Tache. Hoogewerf, who has a great deal of knowledge of luxury products, had no idea about La Tache and found out it is a super premium brand that originated in Bourgogne, France, only after researching it on Google.
“More and more rich Chinese are seeking top luxury brands that have long history, top prices and a low-key manner,” Hoogewerf said.
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