Luxury Goods in China

- "When I have money, I must buy myself a pizza."

clip image002 thumb23 Luxury Goods in ChinaIn people’s imagination, a standard "Chinese luxury consumer" is often with two different kinds of images: one usually dressed in Armani suits, working in his own office in a high-end building, speaking in fluent English and enjoying at least one-month vacation per year in Europe or Maldives; Or – another "horrible" situation: wearing a Pierre Cardin suit, tied Goldlion belt, speaking the Mandarin with a strong accent to tell the sales miss in a Hong Kong’s shop: "I’m gonna buy a Rolex gold watch."

In such a country experienced boosted development for last several decades, luxury goods doesn’t only belong to the well-educated fashionable society, they are quite welcomed by a large portion whether or not they’ve possessed a great number of wealth. China’s luxury goods consumption bears two dissimilarities with abroad: first, to buy luxury goods in China, the majority of young people are mostly under the age of 40, while in developed countries, this market is dominated by a 40 to 70-year-old middle-aged and elderly people; In addition, for the Chinese people, the majority of luxury goods still concentrate in the clothing, perfume, watches and other personal items, while in Europe and America, housing, cars, the family luxury travel are the people’s aspirations. This on one hand shows that Chinese are still not so rich, on the other hand, it also reflects the different lifestyles of Eastern and Western: High-density populations contribute to the bandwagon psychology in consumption.

clip image004 thumb16 Luxury Goods in ChinaMiss Gao who works in an advertising company in Shanghai gives herself a piece of "pizza" – a 5700 Yuan prized Erragamo white satchel. Prior to buying that, she hesitated a long time. "I graduated from college last year, now I’ve got the income about 4,000 Yuan a month. In order to buy this satchel, I did not buy any dress for two months and ate packed lunch in the company every day. But we note that everyone in this company pays much attention to brands, especially those female colleagues from Hong Kong. Compared to suit, a satchel can be taken every day, even for many years not getting out of date, and it raises the temperament of the whole person. I think this is the most cost-effective consumption." Such as Miss Gao, those people who remain in the phase of pursuing the brand bags are known as "Madame Bovary": with inadequate income, they can only choose relatively inexpensive brand-name accessories to purchase just for implying that he or she is also a wealthy one. Such a relatively low consumer accounts a high proportion of luxury goods consumption market in China.

For the world’s luxury flight, China’s passengers are quite young yet of strong consumption potential. Statistics show one fourth of luxury goods is consumed by Chinese in 2009, though that 60% of which are brought in foreign countries. "Tourism becomes an important way to buy luxury goods." Based on the market trends, the luxury industry of China will reach 14.6 billion U.S. dollars in the next five years, ascending to the top of the world’s luxury goods spending.

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