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Why are Chinese luxury consumers relatively young? (2)

(People's Daily Online)

08:55, August 17, 2012

(Photo/China Daily)

Irrational consumption is harmful to others and oneself

According to Yi Shaohua, associate research fellow with National Academy of Economic Strategy under Chinese Academy of Social Sciences, Chinese consumers have an immature psychology of consumption and it does not match the growth rate of wealth because luxury goods have not entered in China for too long. They lack rational thinking and planning. In addition, they tend to follow others. Moreover, the influence of commercial advertising, fashion events and medium publicity also aggravate people's materialism. Out of the psychology of curiosity, following the crowd and comparison, young people are more prone to irrational consumer behaviors, leading to the expansion of consumer desires.

Now many non-wealthy young people save money to buy luxuries, which is undesirable. Ouyang Kun said that if children begin using value improperly when they have not yet create value, they will lose the motive power of creating value and this ideology may affect them for years and even decades.

Therefore, the whole society should encourage young people to have a right understanding of luxuries and establish rational view of consumption. It is harmful to both others and oneself if one cannot afford a luxury but buy it, and it also has negative impact on the social morality.

Zhou said that the luxury is just a carrier so we cannot simply criticize and refuse it but should see its driving force on social and economic development. The luxury itself has created a high-end market and is beneficial to the high-end development of the entire industry of China. It can bring the local business, logistics and information flow forward, and it can also create employment and tax revenue.

Read the Chinese version at: 中国奢侈品消费者为何“低龄化”, Source: People's Daily Overseas Edition, Author: Zhou Xiaoyuan

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Leave your comment2 comments

  1. Name

wende at 2012-08-1871.255.83.*
These young Chinese have not had the experience their forefathers encountered. They are mostly the 'one child' which made them spoiled brats. The Chinese addiction to luxury items as a means to prove that are 'better' and a 'good face' is a hard habit to beat. Chinese need to get back to the basics and 'down to earth'. These brats will not grow up to be responsible citizens and their only concern will be to act 'rich'.
helen at 2012-08-17175.142.242.*
With more than 60% of the young enjoying bragging, luxury consumer spending is their new found joy, habit and toy ....

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