An annual survey on China’s super rich have revealed their most favored imported spirits and wine brands.
A total of 740 HNWIs (High Net Worth Individuals) in China – those worth at least RMB 10 million (US$1.45 million) including 38 SHNWIs worth over RMB 100 million (US$14.5 million) – have identified their favourite spirits and wine brands in the annual Hurun Report. The average age of respondents was 36, while 46% of the surveyed HNWIs are under 30.
One thing from the new report is clear that the cooling global economy and pandemic hasn’t affected their luxury lifetstyle and spending. In fact, as Hurun Report’s CEO Hurun says China’s super rich are “more confident about economy than expected”, reaching the highest level in the past 10 years. Their sense of happiness also reached a 10-year high, he adds.
With that being said, they are certiantly not holding back when it comes to splurging on luxury wines and spirits. Bordeaux’s storied Château Lafite Rothschild came on top in the wine category, followed by fellow first growth Château Latour. Given the popularity of Burgundy, it’s no surprise it became the third most popular wine category for the gilded ranks though not a specific wine brand was identified.
Château Mouton Rothschild came in fourth, ahead of Pessac Leognan’s Château Haut Brion and Château Margaux.
For single malt whisky, the Macallan is the unequivocal choice for the super rich, according to the survey results, while for blended whisky, Royal Salute was their favourite choice, followed by Chivas, Ballantine and Johnnie Walker Blue Label.
In the overall ranking of their most favored imported alcholic drinks brands, it’s Louis XIII Cognac that got the hearts and wallets of China’s super rich. Château Lafite Rothschild came in third on the overall list and Burgundy emerged as the new entrant on the top 10 list for the year of 2023.
Wine and spirits collecting is also a favourite for the wealthy. According to Hurun, wine and spirits is the third most favourite category after jewellery and watches when it comes to collecting.
The report released by Hurun in early March aims to reveal the changing lifestyles, consumption habits and brand perceptions of China’s HNWIs, in an attempt to describe the changing lifestyles of China’s HNWIs.
According to Hurun, the number of HNWIs with total wealth of RMB 10 million in China reached 2.06 million in 2021, and the number of UHNWIs with total wealth of RMB 100 million reached 133,000.