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Controversial analysis about the consumption of luxury brand - Essay Example

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According to Goldman Sachs (KPMG, 2006), the celebrated World Bank economist, China luxury market topped $6 Billion in 2004, which…
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Controversial analysis about the consumption of luxury brand

Download file to see previous pages... Two of these factors namely the increased adaptation of the western lifestyle among the China population and especially the youth and the increase in consumer buying power within this population, are considered the driving force behind the obsession with luxury brands.
Luxury is a subjective concept which is ever evolving. However, to most of us, luxury is basically an inessential but desirable things or a state of obscene comfort or indulgence. In this regard, one can looks at luxury brands as any other product whose only difference from its counterpart is only in its extra premium that is not backed by obvious functional advantages. However, consumers are always willing to pay the premium simply because of a set of unique characteristics, recognizable, reputation, or exclusivity of the luxury brand. The irony of these features working for a luxury brand is that majority of them vary across culture and therefore societies, something that can essentially be blamed on varying consumer attitudes and belief. This particular characteristic of luxury market exposes it main contradiction because it exposes the greatest level of hedonistic and irrational that consumption can ever get. In this paper I will be exploring the contradiction and ironies of the phenomenal surge in luxury market in China. In doing so, I will use an interview that I have conducted to a Chinese youth by the name Crystal. This will complement the tomes of literature on this topic that are available and that I will be heavily relying on to navigating this topic.
Chinese are paying attention to luxury brand, a phenomenon that is raising the overall price of the luxury brand without necessarily adding any functional advantage on them as would be expected. They also cut across various retail sectors that include; footwear, jewellery, perfume, liquor, automobile, cosmetics, and fashion wear and accessories. One thing that one notes about ...Download file to see next pagesRead More
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