In China the number of people becoming wealthy is dramatically increasing. An increasing number of wealthy Chinese travel in Europe, and a large number of tourists are spending hours of their valuable time abroad queuing to purchase expensive bags.
Why do Chinese rich people love to buy luxury products?
There are three main luxury consumer groups in China: the rich flaunting their fortune as part of their identity, the young people gaining a sense of satisfaction and the ‘bribers’ purchasing goods for ‘mutual co-operation’ between interested parties.
The rich flaunting their fortune:
For these people, luxury products represent their identity, they want to tell everyone——“I am rich!”.
More information here.
The young people gaining a sense of satisfaction:
Many young people have a strong sense of vanity, they want to make a difference and stand out from their peers, luxury products can help them do this.
In recent years, China’s increasingly tough policy against corruption hasn’t impacted upon the sending of luxury products as a way to pay bribes.
This group of people don’t care about anything except the price, the only reason they buy luxury products is due to the high price and brand popularity. On the other hand many rich Chinese people love to buy luxury products because they really like the design and cultural connotations of those luxury products, they may also be collectors.
The Chinese luxury market is huge with great potential for western brands to make a significant impact as the rich seek greater variety with regards to buying luxury goods.
See also :