In China, gift giving is a way of life, an art. And for China's growing number of wealthy, there's no better gift than luxury. The likes of Louis Vuitton and Hermes are gearing up for their Chinese New Year boom, but there's another name on the scene this year and it may not be what you expected.

Moutai a favorite among China's luxury consumers

Loius Vitton. Hermes. Cartier. Now, add Moutai to that list.

Keichow Moutai is a Chinese company that sells a spirit called baijiu. A decade ago, it cost as little as 200 yuan. Now, it retails for as much as 2000 yuan, or over 300 US dollars.

It's become a favorite brand of China's rich to gift for special occasions.

According to the Hurun Report, a study of the nation's richest people, Moutai comes in 5th place in the top 10 gifts for the Chinese luxury consumer.

Ahead of long established international brands like Dior or Prada.

For many Chinese consumers, it used to be all about status, the so-called bling factor. But as the market matures, they're choosing their brands based on taste and quality.

Show off, AND enjoy. With a brand like Moutai, they can have both.

Some argue spirit companies can't be considered true luxury brands. Agree or disagree, China's most prestigious liquor brand IS encroaching on space that used to be dominated by French and Italian labels.

And with the approaching lunar New Year, and China's tradition of gift giving, the Hurun Report shows that many are receiving bottles of Moutai, instead of trinkets from Prada or Hermes.

Moutai is now vying for a place on the world's luxury products list. It's reportedly in discussion with the World Luxury Association for its application. And judged by Hurun, it's already the world's fourth most value label.

So watch out, Louis Vitton and Hermes, Moutai may be moving up.