Apple ranks No. 1 in luxury gift giving in China on hot streak
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Apple Inc has taken the number one luxury gifting spot in China from designer goods maker Hermes International SCA, according to a Hurun luxury report on Thursday, reflecting the iPhone maker’s recent hot streak in the country.
The US tech firm’s focus on glitzy stores and high prices helped it post a 70 percent rise in sales in China in the last three months of 2014 and powered the company to the largest profit in corporate history.
Spending on gift giving overall fell 5 percent in 2014, after a 25 percent drop the year before, according to the Hurun Chinese Luxury Consumer Survey. Beijing has been cracking down on corruption and luxury spending among public officials, weighing down sales of premium liquor to handbags.
Questions & Answers
Q.Which company did Apple displace to become the top luxury gift brand in China?
Which company did Apple displace to become the top luxury gift brand in China?
Apple Inc took the number one luxury gifting spot from designer goods maker Hermes International SCA. This was according to a Hurun luxury report published on Thursday, reflecting Apple's recent strong performance in the country.
Q.How much did Apple's sales increase in China during the last quarter of 2014?
How much did Apple's sales increase in China during the last quarter of 2014?
Apple's sales in China rose by 70 percent in the last three months of 2014. This strong performance, alongside its focus on glitzy stores and high prices, contributed to the company achieving the largest profit in its corporate history.
Q.What is impacting luxury gift spending in China according to the report?
What is impacting luxury gift spending in China according to the report?
The Hurun Chinese Luxury Consumer Survey indicates that spending on gift giving has fallen due to Beijing's crackdown on corruption and luxury spending among public officials. This policy has affected sales of various premium products, from liquor to handbags.
Q.By how much did overall gift giving spending decrease in China in 2014?
By how much did overall gift giving spending decrease in China in 2014?
Overall spending on gift giving in China fell by 5 percent in 2014. This followed a more significant drop of 25 percent in the preceding year, according to information from the Hurun Chinese Luxury Consumer Survey.