Apple also becomes China’s #1 luxury gift provider

iPhone 6 (China teaser 001)

In addition to becoming the top smartphone seller in China (based on the 70 percent annual sales uptick in Greater China), Apple is now the top luxury gift provider in the country, knocking Hermès off the top spot, Reuters reported Thursday.

This is interesting because Hermès is a French manufacturer that was established back in 1837 and today specializes in a plethora of luxury products, ranging from leather and lifestyle accessories to perfumery and other luxury goods.

The story cites a Hurun luxury report which put Apple as the top luxury gift provider in China, beating out the likes of Louis Vuitton, Gucci and Chanel — even as gift spending dropped five percent in 2014 and 25 percent in 2013.

“Beijing has been cracking down on corruption and luxury spending among public officials, weighing down sales of premium liquor to handbags,” notes the report, adding that seven out of ten luxury goods bought by Chinese are now being purchased overseas.

Something tells me the Apple Watch will be huge in China.

Source: Reuters