According to Hurun Report, high-end wine and expensive watches are no longer popular in high-class gifts market after Chinese government punished officials against extravagance and waste.
The "richmen's favourite gift brand" ranking list shows that moutai fell to 13th position. It ranked 5th last year. As one the vintage wine, moutai mainly appears in official reception and it's usually presented as a expensive gift.
Swiss watch Longines, replacing Rolex, ranks 15th and become the only one watch brand in the list. Rolex ranked 9th in 2012 and leaves the list this year. The report surveys 551 rich men owning over 10billion RMB.
Last march, The Party's disciplinary authorities punished officials against purchasing vintage wine with public funds. From last December, baijiu is forbidden in military dinners and banquets.
Hurun, The founder of Hurun, said expensive watches and wines are affected by government policy and leadership transition.
Written by Nicolas Yang
