China's jet-set getting picky over luxury brands

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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DiamondJim - 1/12/2007 1:23:03 PM

+2 Boost

one day i will purchase a 10-20 million dollar yacht. i've put it in writing!

quizz - 1/12/2007 1:24:18 PM

-2 Boost

LOL they realize that a "Rolex" is nothing special, other than being a heavy watch with a long history.

True watch connoiseurs rarely buy Rolexes. Among real estate agents here in SoCal, they are as common as Swatches.

S4cabriofoxone - 1/12/2007 4:08:38 PM

+4 Boost

"Among real estate agents here in SoCal, they are as common as Swatches."

Argh, people like you are so obnoxious! You remind me of someone I know...

XYZZ - 1/13/2007 2:22:39 AM

0 Boost

like people who say RE agents in MBs are as common as cowboys in pu trucks?

BMWMPower - 1/14/2007 6:04:54 AM

0 Boost

Most people see a rolex as an entry level top end watch, it's more of a workhorse everyday watch than a high end fashion accessory. As such these people see the rolex as the appropriate accessory to the 7 series or S class they use as a daily drive rather than the ferrari that gets bought out on the weekend.
It's the old crawl before you walk story.

supermoto - 1/12/2007 1:47:49 PM

+2 Boost

Rolexes are common, true, but your average joe on the street has no idea what a Patek or Vacheron is! They would be way more impressed by a Rolex even though it may cost 1/5 the price. Just go to a nice watch store. I routinely see a swarm of people crowding the Rolex area and the higher-end brands are ignored.