Mainland China's Elite Prefer Luxury Brands

China's richest individuals prefer luxury brands in various industries, a recent survey by EuromoneyChina reveals. The survey, conducted between July and October last year, targeted individuals with estimated personal wealth of over US$1 million and received responses from 389 respondents, 39% of whom have personal wealth exceeding US$12 million. The survey found that mainland China's elite favor luxury brands such as BMW, Nokia, Giorgio Armani, and China Merchants Bank in various product categories, including luxury cars, mobile phones, designer clothes, and financial services.

Key Takeaways:

The survey found that 37% of respondents preferred BMW as their luxury car brand, followed by Mercedes Benz with 28%.
Nokia was the most preferred mobile phone brand, with 47% of respondents choosing it over Motorola's 17%.
Giorgio Armani was the most favored designer clothes brand, with 25% of respondents choosing it over Louis Vuitton's 8%.
HSBC won the foreign-currency services category with 39% of respondents preferring it over Citibank's 22%.
China Merchants Bank was the preferred yuan services bank, with 35% of respondents choosing it over Bank of China's 22%.
The survey also found that 236,000 mainlanders have assets of over one million yuan, with up to 30,000 having over 100 million yuan.
EuromoneyChina gave awards to each winner in the various categories, with HSBC's Mike Yeung accepting the award for foreign-currency services on behalf of the bank.

Statistics:

389 respondents took part in the survey, with 39% having personal wealth exceeding US$12 million.
37% of respondents preferred BMW as their luxury car brand.
47% of respondents chose Nokia as their preferred mobile phone brand.
25% of respondents preferred Giorgio Armani as their favorite designer clothes brand.
39% of respondents preferred HSBC for foreign-currency services.
35% of respondents preferred China Merchants Bank for yuan services.
236,000 mainlanders have assets of over one million yuan.
Up to 30,000 mainlanders have assets of over 100 million yuan.

Sources:

EuromoneyChina (no specific publication date mentioned)
Shanghai The mainland