StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

What Drives Chinese Into Buying Luxury Goods in the 21st Century - Essay Example

Comments (0) Cite this document
Summary
Chinese mainland consumers are shopping at Hong Kong, London and Paris and becoming more brand conscious, becoming shrewder in their…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.2% of users find it useful
What Drives Chinese Into Buying Luxury Goods in the 21st Century
Read TextPreview

Extract of sample "What Drives Chinese Into Buying Luxury Goods in the 21st Century"

Download file to see previous pages Chinese consumers buy the products within China and 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, according to a report from McKinsey&Co (2011).
China has been reported to have already overtaken the United States and Japan in terms of luxury items purchases (Vickers & Renand, 2003). 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 (Lu, 2012).
China has emerged as the biggest purchaser of luxury goods in the world market. Chinese consumers are showing considerable interest in buying luxury goods these days, and this has not been left unnoticed by the global luxury market (Frank, 2013). 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. They are also buying other luxury items like goggles, cars, shoes, and many others.
Luxury goods refer to all those branded products unreachable by ordinary people. The rich and senior citizens comprise the bulk of overseas luxury buyers and item collectors. To them, luxury items are products of cultural essence, and obtaining them means owning a piece of culture.
There are three groups in China buying luxury goods: those who are considered as spectacularly rich, the young urban professionals and people who want to gain some sense of satisfaction, and some shady characters composed of blackmailers or illegal groups who have smuggled luxurious goods into the country.
China’s growing ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“What Drives Chinese Into Buying Luxury Goods in the 21st Century Essay”, n.d.)
What Drives Chinese Into Buying Luxury Goods in the 21st Century Essay. Retrieved from https://studentshare.org/management/1620173-what-drives-chinese-into-buying-luxury-goods-in-the-21st-century
(What Drives Chinese Into Buying Luxury Goods in the 21st Century Essay)
What Drives Chinese Into Buying Luxury Goods in the 21st Century Essay. https://studentshare.org/management/1620173-what-drives-chinese-into-buying-luxury-goods-in-the-21st-century.
“What Drives Chinese Into Buying Luxury Goods in the 21st Century Essay”, n.d. https://studentshare.org/management/1620173-what-drives-chinese-into-buying-luxury-goods-in-the-21st-century.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF What Drives Chinese Into Buying Luxury Goods in the 21st Century

Issues with Chinese goods

...?Issues with Chinese Goods There is a lot of hype associated with the United s use of Chinese goods. New channels and magazine articles often express to the public the concern of using Chinese goods. Common concerns associated with these goods include the amount of lead that is present in the items. Items of major concern are typically painted on toys and levels in food. Lead has harmful effects on infants, children and even adults. These effects can cause major damage to children that can ruin their lives (Check4Lead2010). When discussing the issues associated with Chinese goods it is important to research whether not the public is aware, how this has affected imports and what can be done to stop this growing problem... . If there is no...
1 Pages(250 words)Research Paper

What Drives Chinese Into Buying Luxury Goods in the 21st Century

...? What Drives Chinese Into Buying Luxury Goods in the 21st Century? The economy of China has grown by almost ten times since 1978. This hugeeconomic growth has brought higher discretionary income at the consumers’ disposal. China has acquired the top position in demand for a variety of consumer goods, among which luxury goods occupy a major percentage of the total demand. The fact that the demand for luxury goods by the Chinese population is increasing rapidly has become a theme of discussion in the international market. This research incorporates qualitative as well as quantitative research to identify the factors that influence patterns of buying decisions of the Chinese consumers regarding luxury commodities. Table of Contents... price....
32 Pages(8000 words)Dissertation

An analysis of the consumers consumption motives of luxury fashion branding in China

...revealed that there are more than 10 million customers in China have the potential to buy luxury products (Batra, and Sinha, 2000; Baugh, and Davis, 1989). It was found that in 2003-2005 the luxury spending of the consumers in China was more than $2 billion. China showed the highest growth rate in comparison to all the developing countries (China Daily, 2004). This also indicates that in order to grab market share in the Chinese market, the luxury brands need to plan out long-term strategies for setting their foot in the country. The demand for luxury goods from the Chinese market is increasing rapidly...
42 Pages(10500 words)Dissertation

Fashion and Luxury Goods

...on earning a higher social class within the society, then he highly dismisses all those factors of quality, durability and performances as well as designs. Such person who want this social class recognition then ends up buying expensive luxury products based on their purchasing power which give them products which are neither better than the usual ones. The buying of the goods are thus basically based on the fact that they would like to displays the level of wealthy and income to the society. However, there are those whose motivation is not the kind of wealthy they have to display to the society they lives in, but it is a kind of fun to them. Generally speaking, the...
9 Pages(2250 words)Essay

Toward the 21st century

...TOWARD THE 21ST CENTURY This vast world created by the almighty is full of distinctions. Each and every place on the planet has its own distinct culture, customs, populace and norms. Ethnography is the method of writing that brings forward varying measures of qualitative and quantitative metaphors of human social behavior, based on fieldwork. Ethnography brings into vision the domino effects of a holistic research technique founded on the perception that a system's properties cannot unavoidably be precisely understood without help of each other. The type has both formal and historical associations to travel writing and colonial office reports. More than a few educational traditions, above all the...
10 Pages(2500 words)Essay

Luxury goods in China

...for presenting goods and the trend of giving luxury products among the young ladies and girls can be recognised. A list of luxury products have been generated from the interview session. The gift that the interviewee presented to her family members is different from the kinds of gift she will present to her friends and relatives. Though it is a universal truth but it has a major impact on this particular study as it will enable to understand the consumer buying perception for luxury branded products. It has been found from their responses that they mostly gift beauty products to their female friends as Chinese girls are very much beauty...
16 Pages(4000 words)Essay

21st Century Education

...is not just being in possession of facts but the ability to use them practically at whatever level. Works Cited Gaskell, Adi. Companies Struggling With a Lack of Skills amongst School Leavers. Technorati October 15, 2011. April 27 2012 < http://technorati.com/business/article/companies-struggling-with-a-lack-of/>. Hunsinger, Earl. 2012. What Does It Mean to be Educated? Buzzle.com . n.d. 27 April 2012 . Kohn, Alfie. What Does It Mean to Be Well-Educated? alfiekohn.org. 2003. 27 April 2012. < http://www.alfiekohn.org/teaching/welleducated.htm>. Setzer, Luke.What does it mean to be well educated? Rebirth of Reason. April 27, 2009. April 27 2012<...
7 Pages(1750 words)Essay

Reflection - 21st century skills

...grade system. Students are encouraged to learn by doing, which increases their global skills highly needed in the 21st century. The portal also focuses on leadership, and collaboration between teachers and students. However, teachers seem to be focusing more on the digital recording of the grades rather than on the core content of the subjects. The portal system is not appropriate for early year students, since they cannot use the digital technology properly. The teachers of early year students still need to come face-to-face with the parents to communicate effectively. Also, the system seems to be discouraging the traditional way of teaching subjects. Students will slowly forget the conventional...
1 Pages(250 words)Essay

What drives Chinese into Buying Luxury Goods in the 21 century

...What Drives Chinese Into Buying Luxury Goods in the 21st Century? Introduction 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 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...
8 Pages(2000 words)Essay

Marketing Luxury Goods to Chinese

...that provided in the Chinese luxury makers. The Chinese also invested in impulse buying whereby their purchasing trends surpassed those of the Japanese. Moreover, the makers observed Chinese consumer styles such as more men customers than in Japanese markets. The Chinese men were ready to purchase more of the luxury goods compared to the Japanese women; hence leading to increased imports. The Chinese minds were also set to understand that goods made in China were cheap and counterfeits. The luxury makers also took advantage of the situation and brought...
2 Pages(500 words)Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic What Drives Chinese Into Buying Luxury Goods in the 21st Century for FREE!

Contact Us