Expensive watches and liquor are on the watch list, as China is going through an anti-corruption drive, tells Hurun Rich list founder Rupert Hoogewerf Reuters. Less-expensive gifts are the trend.
The results follow a government crackdown, launched in March last year, on using public funds to buy luxury items such as baijiu, which can cost several thousand yuan per bottle. In December, alcohol was banned at military events.
“Watches and liquor have been influenced by government policies and have been pulled down by a change in leadership. It’s traditionally been that in government there are people who can influence policy in your favour,” Hurun founder Rupert Hoogewerf told Reuters…
France dominated with six brands out of the top 10 in the men’s list and four in the women’s, including luxury accessory and apparel makers Louis Vuitton and Chanel.
However, less expensive gifts were the order of the day.
“With the current anti-corruption drive, officials can no longer receive blatantly expensive products, so we’re seeing a trend towards less-expensive giving,” said Hoogewerf.
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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