Apple (Photo : Reuters)
Apart from achieving the top spot in smartphone sales in China, the company also achieved the number one spot in luxury gift giving. Apple booted designer goods maker Hermes International SCA out of the spot.
Demonstrating how popular the bigger-sized iPhone 6 and 6 Plus are, these models pushed Apple toward the top spot in luxury gift giving. One reason behind this new success is the company's focus on sophisticated stores and high prices.
The luxury stores Apple opened allowed it to experience a 70-percent rise in smartphone sales for the last quarter of 2014. The same models allowed the company to earn unprecedented earnings in corporate history.
Hermes, on the other hand, dropped to the seventh spot.
Even though Apple managed this mean feat, gift giving in China fell by 5 percent in 2014. However, this was a small decrease, compared to the 25-percent drop in 2013. A partial reason for these declines is the crackdown of the Chinese government on corruption and luxury spending among public officials.
Domestic luxury spending also fell because Chinese people are increasingly purchasing their luxury items abroad. This can linked to the changing travel industry.
"Travel retail continues to change the dynamics of luxury in China, with seven out of 10 luxury goods bought by Chinese now being bought overseas," said Hurun Report Chairman Rupert Hoogewerf.
Following Apple on the top list is LVMH Moet Hennessey Louis Vuitton SE, Kering SA's Gucci and Chanel. The report's findings are based on the survey responses of 400 millionares with net worth of at least 10 million yuan ($1.6 million).
