Chinese luxury market essay

The economic slowdown and rising US-China trade tensions further dampen the luxury spending outlook for Chinese consumers as we head towards Ingrowth will continue, but likely at a slower rate and investors need to be aware of the risk to the global luxury outlook from the above mentioned border crackdowns, a slowdown in economic growth and rising US-China trade tensions which will weigh on the luxury market. The most recent example took place inwith China launching an unofficial but wide-ranging boycott of South Korean brands in response to South Korea's deployment of the THAAD anto-missile system. High levels of affluence in China, driven by still strong economic growth and wage gains, will continue to support luxury spending.

Chinese luxury market essay

The physical appeal of luxury goods is undeniable — the leather is softer, the shoes are more comfortable — but the price tag is often off-putting. One reason is the way we tend to look at the positive elements of a product while ignoring its disadvantages.

AAPLfor example. In fact, Samsung makes phones with better features and Microsoft Corp. MSFT and Xiaomi make phones at a much cheaper price point. Since we perceive non-luxury goods as inferior, we are quick to point out the negatives of those products.

We conclude that higher priced goods are of better quality and we spend irrationally, believing you get what you pay for regardless of whether the goods are proven better than their affordable counterparts.

For more, see The Disposable Society: An Expensive Place To Live. Self-Esteem And Luxury Goods According to a study published by the Journal of Experimental Social Psychology, low self-esteem is a big factor in whether a person will buy luxury goods that he may not be able to afford.

For consumers trapped in institutionalized poverty or those living paycheck to paychecka luxury good can go a long way in increasing self-esteem or providing a sense of belonging. In China, men use luxury goods to show off their success and flaunt wealth.

Chinese women, like American women, tend to purchase luxury goods in order to give in to hedonistic tendencies. A sense of accomplishment is yet another reason why people buy luxury goods. This flies in the face of reason yet again. Researchers at Yale have determined that this quest for authenticity develops early in childhood.

A study that tried to convince children that a cloning machine had produced their favorite item found that most child refused to accept the duplicate as identical.

Chinese luxury market essay

It turns out that the sentimentality of the item — the memory or pride or feeling that comes from having purchased a genuine luxury good — is part of the reason that we seek authenticity. Simply put, treating yourself to fake Louboutins would be like not having treated yourself at all. The Bottom Line People buy luxury goods for a variety of reasons, all of which are related to the strong emotions that we attach to expensive material goods.

Whether we are financially comfortable or not, we will often purchase luxury items to show off to or gain acceptance from others and to reward ourselves for an accomplishment. Trading Center Want to learn how to invest?All the information about Luxury, Fashion, trends, and solution to penetrate in this booming Market from expert/agency in Shanghai.

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