Move over, Louis Vuitton, Gucci and Chanel. The crown for the top luxury brand in China has been wrested by Apple.

The iPhone has not only outsold competing handsets in the last quarter -- Apple has also toppled Hermès International SCA to become the most desired luxury goods brand in China.

This information is courtesy of the Hurun Research report, which revealed that Apple products have become the most preferred choice for gifts among the country's elite.

The Hurun Research report is an annual survey of the spending patterns of Chinese millionaires and has been conducted for over a decade. The survey takes into consideration the preferences of 400 mainland Chinese millionaires who have over $1.6 million.

Based on the survey, nearly 20.3 percent of the men said that Apple was the best brand for gifting purposes, compared to 13.4 percent who favored Louis Vuitton for gifting. On the other hand, 18.9 percent of the women preferred Apple for gifting, whereas Chanel came in second with 13.2 percent of the women favoring the brand.

Rival Samsung languished at number 10 and number 9 for gifting by men and women, respectively. Hermès, which previously held the top spot, slipped to the seventh place for gifting by women and men.

Burberry and Prada did not, however, figure on the list.

The top 10 brands for gifting by men are as follows:

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%

The top 10 brands for gifting by women are as follows:

1. Apple - 18.9%

2. Chanel - 13.2%

3. LV - 10.2%

4. Dior - 5.1%

5. Hermès - 4.1%

6. Cartier - 3.7%

7. Tiffany - 3.6%

8. Giorgio Armani - 3.5%

9. Samsung - 3.4%

10. Gucci - 1.7%

Jewelry was the best gift for women, followed by fashion products and electronics. Watches ranked as the best gift for men over electronics and red wine. With the Apple Watch set for a debut in the coming months, this augurs well for Apple.

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