Apple takes top gifting spot in China

Apple’s star is rising as other luxury gift brands are falling.

Spending on gift-giving overall dropped 5 percent in 2014, after a 25 percent drop the year before, according to the Hurun Chinese Luxury Consumer Survey. Beijing has been cracking down on corruption and luxury spending among public officials, weighing down sales of premium liquor to handbags.

And:

“Travel retail continues to change the dynamics of luxury in China, with 7 out of 10 luxury goods bought by Chinese now being bought overseas,” said Hurun Report Chairman Rupert Hoogewerf.

Perfect storm for Apple. Traditional luxury gifts are being scrutinized and the market is looking overseas for new luxury options.