Young consumers dominate China's luxury market
Young consumers dominate China's luxury market
08:40, January 12, 2011

Email | Print | Subscribe | Comments | Forum 
The major consumers of luxury products in China are becoming younger as the new generation shifts their attitude toward life, according to a report by World Luxury Association (WLA).
The new WLA 2010-2011 global report shows the minimum age of China's luxury consumers has dropped to 25 in 2010 from 35 in 2007.
It predicts that people aged between 25 and 30 will become the dominant group of consumers for luxury products in China in the next three to five years.
The international luxury market regulator says Chinese consumers tend to base their decisions not on their income or age but on the psychology underlying their consumption habits, that is, they are more susceptible to the influence of competitive consumerism.
The fact that most young people are the single child of their family may have contributed to that psychology, says Kong Shuhong, a scholar who studies luxury products in the University of International Business and Economics.
"The parents of single children always give them the best of everything and that has helped the young generation develop their sense of individualism and entitlement," said Sun, "and the prevalence of credit cards has certainly fueled their appetite for luxury."
Source: CRIENGLISH. com
The new WLA 2010-2011 global report shows the minimum age of China's luxury consumers has dropped to 25 in 2010 from 35 in 2007.
It predicts that people aged between 25 and 30 will become the dominant group of consumers for luxury products in China in the next three to five years.
The international luxury market regulator says Chinese consumers tend to base their decisions not on their income or age but on the psychology underlying their consumption habits, that is, they are more susceptible to the influence of competitive consumerism.
The fact that most young people are the single child of their family may have contributed to that psychology, says Kong Shuhong, a scholar who studies luxury products in the University of International Business and Economics.
"The parents of single children always give them the best of everything and that has helped the young generation develop their sense of individualism and entitlement," said Sun, "and the prevalence of credit cards has certainly fueled their appetite for luxury."
Source: CRIENGLISH. com

Related Reading

Special Coverage
Major headlines
Advanced sleeper multi-unit trains open in southwest China for the first time
Family of woman killed on construction site receives 600,000 yuan in compensation
Farmer gets life imprisonment for evading expressway tolls worth 4 million yuan
China sends more relief materials to frozen southern regions
Porridge warms the stomach and soul on China's Laba Festival
Editor's Pick


Hot Forum Dicussion