China Become The World’s Second Largest Country Of Luxury Consumption
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A few days ago, World Luxury Association has announced that the luxury sales markets of each country have dropped by different degrees for the financial crisis. The top three countries of luxury consumption in the world at present are Japan, China and the United States. China has for the first time surpasses and taken the place of the United States of being the world’s second largest market of luxury goods consumption with the total sales amount of 8.6 billion dollars as well as 25% global market share.
Upon the fact that China has become the second largest luxury consumption market, we should think besides being happy at the news.
Some institution predicted that China will become the largest high-end luxury goods market after 2015.
Who are using luxury goods in China? The answer is the rich, the second generation of the rich and the white-collar who buy beyond their financial strength permits.
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This June, Forbes China has published The Market Research Of Chinese Luxury Goods Consumption. The research shows that Chinese entrepreneurs and children of the rich have become the main purchasing power of luxury goods in China. At the same time, ordinary people who buy luxury goods beyond their economic power compose the driving force of Chinese luxury consumption.
Miss Lin, a Beijing citizen, has a monthly income of a bit more than 4,000Yuan including the monthly salary and all kinds of bonus and allowance, but she is a pure and pute follower of luxury goods. “I can’t control myself when I see things I like have been launched.” Miss Lin told the journalist.
Only 40% of the luxury goods consumers in China support their consumption relying on their own financial strength, while the other 60% have their families pay their bills.
Some experts say there are many benefits of the growth of luxury consumption. First of all, it can effectively boom consumption and domestic demand. Secondly, the strong pursuit of luxury goods and high quality of life is conducive to stimulating enterprise and creativity.
“In developed countries, almost 4 percent of people’s income is spent on luxury goods; while the middle-class in China spends 40% of their income on luxury goods.” The strong contrast between the two figures as listed by the expert shows China’s luxury goods consumption in general still lacks at least rationality.
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