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Louis Vuitton, Cartier and Hermes are the most popular luxury labels that wealthy Chinese reach for when giving gifts to friends and business contacts, with the Chinese liquor Moutai the only domestic brand among the top 10, a study of the nation's richest people has found. 

"Gift-giving is an essential part of Chinese culture," Rupert Hoogewerf, chairman and chief researcher of the Huron Report, a research unit and publishing group, told a news conference in Beijing. 

"The money spent on gifts is staggering compared with the West." 

The report, Top 10 Gifts for the Chinese Luxury Consumer 2012, found that French brands dominate with the five of the top 10, followed by Italy's Gucci and Prada. Apple Inc of the US was sixth. 

The study covered 503 wealthy Chinese on the mainland as it sought to reveal their brand awareness and preferences, consumption habits and lifestyle trends. 

Those interviewed - mostly engaged in manufacturing and property development - had average wealth of 63 million Yuan ($10 million), up 15 percent from the previous year. 

Their spending for the year, however, fell 9 percent to 1.76 million Yuan, or about 3 percent of each one's wealth. 

China's richest consumers spent the most on travel, followed by education for their children, entertainment, gifts and collecting, the report said. 

The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.

Published on our website on January 12, 2012