The luxury-purchasing trend in China

The capability of Chinese consumer purchasing luxury product is increasing quickly. Based on the report of Analysis of Chinese luxury Purchasing 2013, Chinese people spend over 100 billion to purchase luxury products. There are some data could illustrate the purchasing power of Chinese consumer. Last year, Chinese people bought 47% luxury products of the world. They spend most 28 billion in luxury purchasing inside China and nearly spend 74 billion overseas. Chinese people obviously are the biggest consumers of luxury purchasing in the world.

On the one hand, this situation happened most because the development of Chinese economy and increasing of Chinese people’s salary. It enhances confidence of Chinese people to purchase luxury products in order to improve their living quality and to maintain friendship. On the other hand, the situation is because of largely entering of European luxury brand. In 2012, the luxury market was close to saturation. From 2013, some of luxury brand began to ender second level city of China.

However, from forecasting of experts, Chinese people will be more rational in luxury purchasing in the future. As far as I know, Chinese people began to discard some first level luxury brand. They chose luxury brand more rational. Although the purchasing scale of luxury products in China is still in improvement condition, the rate of increasing is in descending trend.

In my opinion, Chinese people will choose more low- pitched luxury brand in the future. Within the improvement of their living quality, they will become more confidence about their taste. They don’t want to show off. This tendency could be proofed by the popularity of Italy brand Bottega Veneta. There is no logo and some special iconic on the surface of its handbag and wallets. But why Bottega Veneta became so popular in China? I asked some of my friends who bought one or more BV’s products. They told us that they bought them because like hand-knitted leather and their brand story. It is from a classic Italian family, who lived in a beautiful town in Italy. Chinese people like this brand because they like the lifestyle that BV brings to them.

ESQ-03-Bottega-Veneta-102312-xl

(Taking from http://www.esquire.com/blogs/mens-fashion/bottega-veneta-book-102312)

 

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