Apple Is Number 1 Among China's Affluent Topping Chanel, Hermes, LV; Chinese Millionaires Prefer Apple Products This Chinese New Year

According to the Hurun Research Institute, China's wealthiest people like to give Apple (AAPL) products as gifts. The Cupertino, California based tech giant ranked ahead of Louis Vitton, Hermes and rival Samsung.

Hermes, the No.1 most desired luxury brand last year, dropped several notches to take the No. 7 spot, while Blackberry, Prada, and Georgio Armani famous for its suit collection dropped out of the top ten gift list.

The iPhone has been a huge success in China and Apple is planning to sell more smartphones in China. The Hurum Research report is a survey that looks at spending patterns of Chinese millionaires for more than a decade. The poll analyzes the preferences of more than 400 millionaires.

The study showed 20% of men and 19% of women preferred gifting Apple's products among China's elite. Samsung ranked as the 10th favorite brand for gifting among men, while the figure was one percent lower for women.

Among women, long time favorite Chanel dropped a notch to No. 2 after Apple placed itself on the top of the list.

The Hurun Research Institute unveiled the Hurun Best of the Best Awards 2015, according to the results of the Hurun Report Chinese Luxury Consumer Survey 2015.

Overall, gifting was lower by 5%, which is equivalent to 30% in two years, and the happiness index measured 7.8% in comparison to last year's 8.2%.

Here are the top ten brands for gifting by men (Source: TechTimes):

1. Apple - 20.3%

2. LV - 13.4%

3. Gucci - 6.8%

4. Chanel - 5.5%

5. Montblanc - 4.8%

6. Moutai - 4.7%

7. Hermès - 3.8%

8. Cartier - 3.6%

9. Bulgari - 3.5%

10. Samsung - 2.3%