Super rich continue to cut back on gifting

China's super rich continued being thriftier in their gift giving last year, in line with the government's national frugality campaign, according to the latest Hurun Report published by the Shanghai-based magazine that documents the lives of the wealthy.

Polling 376 people with an average personal wealth of 41.7 million yuan ($6.67 million), the survey found that respondents' spending on gifts fell a further 5 percent in 2014, bringing their total cutbacks over the past two years to 30 percent.

Apple overtook Hermes to become their most-favored gift brand, followed by Louis Vuitton, with 2013's No 1 dropping to seventh on the latest list.