Chinese Read “Luxury Goods”
Japan, China and America are the top three of global luxury consumption countries. Our country accounts for 25% of global market share with a total consumption of 8.6 billion dollars which is the first time to exceed America and become the second place. “Under the global financial crisis, China will become the most important market for national luxury brands. While this news is the chance and development for national luxury brands at Chinese market, which will play an important role on market strategy.” Ouyang Kun, the world luxury association China office chief spokesman analyzed.
“The financial crisis has firstly swept in American and other developed regions, as a result, national luxury brands lost their clients. The luxury brands have to open up new markets for surviving. Even if financial crisis didn’t come, luxury brands also would open up China and other emerging markets but it would be just a matter of time. The crisis just speeded up their steps to open new markets.” A study report of China brand strategy association shows that the consumer group who can afford international brands in China has achieved 13% of Chinese population which as well as keeps increasing. By 2010, the number of Chinese luxury consumer group will reach 250 million and become the top global amplification, with the total consumption of 200 billion RMB. While in 2015, the luxury consumption of China will account for 32% of global market share. The report of Bain&Company also predicted that China luxury market would achieve amplification from 20% to 35% in five years.
The reasons why are “luxury goods” widely accepted in China? 1、the symbol of rich 2、look great 3、personality 4、specificity 5、sense of distance
“Luxury goods(eg:Louis Vuitton)” has five features: illusion, masterwork, scarcity, preciousness and advance. Therefore, the product what is named as “luxury goods” should be positive work for social development which as well as collect the most advanced technologies, the most harmonious Product Aesthetics, individuation and humanized connotation.
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