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Hurun Report publishes 'China HNWI Gifting White Paper' in association with MEC

2017-07-13 21:22

SHANGHAI, July 13, 2017 /PRNewswire/ -- Leading authority on Chinese luxury consumers The Hurun Research Institute and MEC today released 'China HNWI Gifting White Paper 2017'', a report on the gifting behavior and demand of high net worth individuals (HNWIs) in China. This White Paper will help readers understand more about gifting in China, particularly for modern HNWIs, and help businesses find potential opportunities to grow.

China HNWI Gifting White Paper 2017
China HNWI Gifting White Paper 2017

The Hurun Research Institute cooperated with MEC over six months from December 2016 to May 2017 to research and complete 'China HNWI Gifting White Paper, which surveyed 507 of China's most successful HNWIs. With the vast scale of this market in mind, Hurun Report and MEC research encompassed 14 cities in mainland Cina, with 507 HNWIs filling in surveys of their gifting behaviour. Their age averaged 41 years, their wealth amounted to 22 million RMB per capita, and they have 4.17 million RMB of disposable income annually. A further 16 wealthy individuals were interviewed by our teams based in Shanghai, Beijing, Guangzhou and Xi'an.

Chinese people celebrate all kinds of festivals throughout the year. As a result, many brands constantly launch topical marketing campaigns and package their products and services with gifting concepts. Brands need to consider various giftees' roles, gifting occasions, emotional needs and gifting motivations; such as expressing filial piety, expressing love and care, creating surprises and special memories, or sending blessings. Brands need to grasp various marketing opportunities throughout the year. When planning different festivals or themed marketing promotions, brands also need to offer new information to sustain popularity in the gifting market. At the same time, brands can drive day-to-day casual gifting occasions by focusing on lifestyle.

The white paper reveals that "family" are the most common "giftees", with 98% of HNWIs sending them gifts. Interestingly, 67% HNWIs have given themselves gifts last year. This is more common among females (74%, index 110). "Self-gifting" fits in with the popular concepts in the Chinese community like "xiao que xing" ("little but certain happiness"), "a sense of ceremony", and "love and pamper myself". Rather than simply buying something, making it a 'gift to me" brings greater joy and satisfaction. Brands can leverage this mentality of consumers, especially for busy HNWIs, to enhance their emotional connection with the brand.

When choosing a gift, HNWIs always consider the product itself, its brand and price. In terms of product, "good quality and craftsmanship" (87%), "practicality" (85%), "uniqueness" (77%) and "attractive packaging" (74%) are considered to be the most important factors. When it comes to brand, important factors include "high-end, to gain face" (90%), "well-known brand" (83%) and "whether the brand fits with giftee's self-image" (80%); and with regards to the price, whether the "price meets giftee's expectations" (61%) is the main consideration for "gifters".

Compared to Tier 1 cities, Tier 2 cities in China show more positive attitudes. Chinese New Year, birthdays, Mid-Autumn Festivals and anniversaries show the highest gifting rate. Different gender and age groups of HNWIs show different gift preferences: males tend to gift more jewelry, flowers and handbags; females tend to gift more watches, personal care devices and mobile tablets; young people under 35 years old gift more diverse fashionable products such as accessories, skin care, perfume, cosmetics, SPA beauty, sports cards, etc. With HNWIs paying more attention to managing their health, almost 90% of the respondents pointed out that "healthcare products" are the most popular gifts for them. Appetite for luxury products is increasing, 60% of respondents sent luxury items as gifts more frequently compared with the last three years, with 18% doing so considerably more than before.

27% of HNWIs encounter difficulties when gifting. The top 3 most troublesome aspects are "unclear about giftees' needs or preferences" (57%), "time and effort spent on selecting gifts" (50%) and "giftees are hard to impress" (49%). Results show that the female respondents "enjoy the process", while the males "take shortcuts" in gift selection. Brands need to engage females more during gift selection, to deliver a more satisfying experience along the way, and guide male customers to make efficient purchases.

In addition, brands need to understand the roles of different purchase channels, so as to leverage their influence in marketing, and to create efficient and pleasant shopping experiences across all channels. With regards to domestic purchasing channels, 97% of HNWIs have brought gifts in brick-and-mortar shops. Among them, "domestic brand stores, counters" (76%), "domestic department stores, shopping centers" (68%) and "through friends" (58%) are the most common purchasing channels. 74% of HNWIs have purchased gifts overseas. 69% of HNWIs have shopped for gifts online.

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report said: "Very glad to be with MEC to publish 'China HNWIs Gifting White Paper'. This is the first in-depth analysis of gifting behaviour of high net worth people in China. I hope the results we found will not only make the gifting decision easier for HNWI gifters in China, but also provide valuable insights to brands on brand positioning and product adjustment."

Gordon Domlija, CEO of MEC said: "I am very happy to co-create this report with Hurun Report, the leading research house which focuses on China HNWIs. This report's point of view is rooted in a profound understanding of Chinese culture and social background, and we analyse how these impact consumers' gifting needs and behaviour. Through our proprietary research and planning approach, MEC Momentum, we identified what really matters to HNWIs in terms of gifting at the critical stages of their decision making journey. This deep analysis reveals the value of understanding this topic in multiple and critical dimensions, and what opportunities it brings."

For the full report, please contact Hurun Report or MEC.

About MEC

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To find out more, visit us at #dontjustlivethrive

About Hurun Report Inc.

Nobody Knows China's Rich Better!

Established as a research unit in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc. has grown into a leading research house, media and lifestyle investments business based in Shanghai, China, best-known for its rankings of the richest people in China, India and the rest of the world.

Hurun Report Inc. has four divisions: Hurun Research Institute; Hurun Media; Hurun Conferences and Training, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Lifestyle and Investments, with investments in education, interior design, horses, bespoke tailoring, media and retail.

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For media inquiries, please contact:

Hurun Report
Porsha Pan
Tel: +86-21-50105808*601

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Source: Hurun Report

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