China gift crackdown hits watches, booze but foreign brands hold on
SINGAPORE (REUTERS) - A Chinese government crackdown on lavish spending by officials has pushed expensive liquor and high-end watches out of favour in the luxury gift-giving market, a survey from the Hurun Report, known for its annual China Rich List, showed on Tuesday.
Top alcohol maker Kweichow Moutai Co Ltd saw its clear "baijiu" liquor - widely imbibed at official banquets and presented as a premium gift - fall to 13th place on the "best brand for gifting by men" table, down from fifth last year when there was a single, mixed-gender table, according to the report.
Swiss watchmaker Longines was the only watch brand to make the "gifting by men" list at number 15, replacing Rolex, which was ninth in 2012 but dropped off the list altogether this year.
The report surveyed 551 Chinese with personal wealth of 10 million yuan (S$2 million) or more.