Label wars are raging. And the victors of the branding battles in China may differ completely from the list of people who have triumphed elsewhere. While Cartier and Christian Dior are dominant names in the designer-goods market in other countries in Asia, they are being outpaced by American label Playboy and British label Alfred Dunhill among the moneyed urban dwellers of China's best-known cities.

The same is true in the car sector. Ask people outside China what are the most prestigious car marques, and you might well expect them to name Rolls-Royce or Ferrari. But in the world's biggest consumer market, BMW, Mercedes-Benz and Audi are the most prestigious names. And the most popular car market among our respondents, by a long way, was Volkswagon. While 9% of Guangzhou respondents drove a Volkswagen, the number rose to an astonishing 45% of people from Shanghai. Meanwhile, sexism rules. While 75% of men in the elite group have a car, only 58% of women do.

Among watchmakers, the results were more predictable, with Rolex being the big name. But having a top brand may not be enough. In Beijing, 70% of respondents have a definite preference for Chinese brands.

Overseas manufacturers may counter this fear by saying that it will be a while before China develops anything like a shiny new BMW. The answer is yes, it will be a while; but it will happen, and things in China have a tendency to happen sooner than people expect.