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What drives Chinese into Buying Luxury Goods in the 21 century - Essay Example

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This paper is a literature review targeted at analyzing the following statement: the economic growth in China has influenced the buying behavior of Chinese consumers, driving them to buy more luxury goods, brought about by an increase in their purchasing power.  …
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What drives Chinese into Buying Luxury Goods in the 21 century
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Download file to see previous pages This research will begin with the statement that China’s luxury market has turned into a lucrative business over the recent years. Chinese consumers are becoming more brand conscious, becoming shrewder in their tastes, and making a better exertion to comprehend the traditional brands. China has become the second largest market for luxury goods in the world. The Chinese economy is growing day by day and her people are buying expensively priced branded commodities.  They buy these things not only within China but also from other countries as tourists. A rapidly growing upper and middle class are seen as bent on enhancing their individuality by buying luxury goods. China has been reported to have already overtaken the United States and Japan in terms of luxury items purchases.  China has worked hard to achieve economic prosperity, producing current generations of millionaires.  Accordingly, this generation has been spending a large amount in the luxury market day by day and Chinese are becoming more dynamic and active buyers in the market. China has emerged as the biggest purchaser of luxury goods in the world market. Chinese consumers are showing great interest in buying luxury goods these days, and this has not been left unnoticed by the global luxury market. The United States, Japan, and Europe, who have been the top consumers of luxury goods, are indeed quite surprised with the growing appetite of Chinese for luxury items. Nearly all Chinese visiting Paris have bought expensive bags without looking at its price tags. ...Download file to see next pagesRead More
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