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Why Chinese people love luxury goods?

(People's Daily Online)

15:37, July 03, 2012

Gucci's product

Edited and translated by People's Daily Online

Nowadays, the Chinese people's huge demand for luxury goods is astonishing. In front of the Louis Vuitton shop on the Champs Elysees Avenue in Paris, a number of Chinese tourists are spending hours of valuable tourist time queuing for the expensive bags. Entering the shop, they bought several valuable bags without asking about the prices. The Beijing International Top Lifestyle Brand (Luxury Goods) Exposition just ended at the World Trade Center of Beijing, reaching 670 million yuan of intended turnover, and 92 percent of the exhibitors have booked a booth for next year. Industry insiders generally agree that China will be the world's fastest growing market for luxury goods and it is expected to share more than 20 percent of the global luxury market by 2015.

Luxury goods refer to those top branded consumer products which are beyond the living needs of ordinary people. Therefore, the foreign luxury lovers and collectors tend to be the old and rich people. The luxury goods mostly are products with cultural connotations and owning the luxury goods means to have a culture. However, there mainly are three luxury consumer groups in China: the rich flaunting fortune and manifesting identity, the young people gaining a sense of satisfaction and the bribers for mutual collusion and commercially "hidden rules."

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