SURVEY: 39% OF CHINA’S RICH PEOPLE LOVE WINES COMPARED TO 25% FOR BAIJIU
By Tony Zhu
Source: Hurun Research Institute
Eighty-eight percent of China’s high-net-worth individuals are regular alcoholic drinks consumers, representing a 13 percent point increase over last year, and 39% prefer wines compared to 25% for baijiu, according to Hurun Chinese Luxury Consumer Survey 2020.
The report said their average spending on a bottle of wine is RMB850 (USD123.5), and rich Chinese women showed more interests in wine than rich Chinese men.
The popularity of Chinese baijiu among high-net-worth individuals is in decline, the survey said 25% of China’s rich people are regular baijiu consumers, representing a substantial decline of 12 percent point over last year.
Their average spending on a bottle of baijiu is RMB1,200 (USD174.4). The number of rich Chinese men who showed interests in baijiu is 2.5 times that of rich Chinese women.
While baijiu is losing popularity, whiskies are becoming more sought-after. The survey reported that 22% of respondents said they are whisky lovers.
The popularity of Champagne has shown a slight decline, 15% of those interviewed said they like the category.
Despite talks of a comeback of Cognacs, the survey showed only 9% of China’s high-net-worth individuals like the French spirit.
This year’s survey has interviewed 483 Chinese high-net-worth individuals with an average asset worth of RMB46million (USD6.68m). Their average age is 36, among them 55% are men and 45% are women, of them 51 individuals are worth more than RMB100m (USD14.5m).
This is the 16th Chinese Luxury Consumer Survey published by Hurun Research Institute. Established by British accountant Rupert Hoogewerf in 1999, the institute is a leading research platform based in Shanghai and Mumbai and is best known for its China and India rich lists.
(the writer can be contacted at: firstname.lastname@example.org)
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