China's fast-growing wealthy elite is becoming more selective when it comes to buying luxury goods and cares less about brand loyalty, a survey showed today.
Listing top-end cars, watches and other luxury products, the Hurun Report survey of more than 600 entrepreneurs showed China's nouveau riche are more willing to switch to new foreign products from brands with a longer history in the country.
Vacheron Constantin, part of luxury group Richemont SA and in China since 1998, lost its lead position on the Hurun list as the most popular "high complication" watch brand to rival Patek Philippe, launched in China in 2005, it said.
"The immediate brands they think of when they first get rich, is a fast car -- probably a BMW or a Mercedes -- and a Rolex (watch)," said Shanghai-based Rupert Hoogewerf, who published the Hurun annual report for the third consecutive year. "When they've had their Rolex for a while, they learn that there are other types of brands, such as Patek Philippe. These entrepreneurs are becoming more sophisticated."
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