What the Chinese people in SHOPPING luxury?
Bacheng the age of 45 years of age, became the main shopping safari, luxury goods
Bacheng the age of 45 years of age, became the main shopping safari, luxury goods
A near Harbor City, Tsim Sha Tsui in Hong Kong, then you can hear the kind of accent everywhere – streets, shopping malls everywhere, came to the mainland for this SHOPPING Hawker. Hong Kong to mainland visitors known as “hawk” is a well-founded. For many mainland tourists, Hong Kong is the most attractive is that it’s not the Disney store.
Canton Road, China Hong Kong City mall, most of mainland tourists dressed Pops. Many people head to toe, are well-known international brands – Chanel sunglasses, LV handbag, Gucci shoes … … the kind of panache and battle, often make the majority of who are only occasionally wearing 12 brands in Hong Kong locals envy.
In the shadow of the financial crisis, China’s luxury market are able to outshine others? Per capita GDP is still hovering around 3,000 U.S. dollars in China, with several thousand or even hundreds of thousands of millions of bags, jewelry, watches, in the end what are the Chinese people buying?
The second-largest consumer of luxury goods
If you walked into an American city in modern Chinese middle class families to visit, he would be surprised to find it and the United States has been not much different from ordinary families. LCD TV, Apple Computer as well as private cars, is no longer a few wealthy people can afford the products. Downturn in the global economy, China’s strong purchasing power of consumers to outshine others, is becoming a luxury many multinational companies resort.
World Luxury Association (WLA) data show that Chinese consumers annually in high-end purses, cars, clothing, accessories and cosmetics and other luxury goods for more than six billion U.S. dollars spent.
In the “World Luxury Association’s official 2009 ~ 2010 Global Annual Report”, the Chinese luxury goods in January of last year’s total by 8.6 billion to 94 billion U.S. dollars, the global share of 27.5%, up 3 percentage points. Experts predict that China’s luxury market will be in 5 years to reach 14.6 billion U.S. dollars, becoming the world’s largest luxury goods trade and consumption center.
Not only the desire of consumers to shop in the expansion, each brand are also vying for young consumers. About to usher in the 2010 World Expo in Shanghai, has attracted a large number of luxury flagship store opening, or modification, LV selected a new flagship store location, Swatch Group will contribute, will be completed before the World Expo in Shanghai Peace Hotel renovation, transformation of stores, exhibition center and the global artists for free at their hotel. This spring, Hermes the Chinese market will also create a new brand “up and down.”
It is undeniable that China’s rapid economic development is an important pillar. The latest McKinsey survey shows that in 2008 the number of wealthy families in China to 160 million. The corresponding growth rates and GDP, then the number of well-off families in the next 5 to 7 years to maintain 16% growth rate, and is expected in 2015 to 400 million households.
Aggregate in an affluent family, China will become the U.S., Japan, the United Kingdom after the fourth in the world. Although all Chinese urban households, only 1% of the households to attain a rich standard of English is far lower than the U.S. and Japan 10%. However, the rapid growth of China’s affluent, making demand for luxury goods will increase.
In addition, the Chinese consumer attitudes has also stimulated changes in people’s demand for luxury goods.
In the past, people to thrift as a virtue, in access to revenues, the first thing is to save up the money. Under the influence of globalization, China’s growing number of people started to accept the Western idea of living in developed countries, realized that the “enjoyment of life” importance.
The commercialization of the rapid development, but also to a rich material life possible. Changes in the structure of China’s population is more accelerated this development. Family planning for many families which have only one child, which means that every child have more disposable income. Meanwhile, the development of the Internet reduced the communication barriers in the Western culture, but also so that China’s young people’s awareness of foreign well-known brands has risen considerably.
As incomes rise, initially was considered a symbol of identity and status of a luxury and now even more ideas by young people as a manifestation of their own lives.
The media industry in Guangzhou, the work of Ms. Zheng told reporters: “I will teach you the weekend ordinary La Perle (Guangzhou Higher shopping mall), will see something they like to buy, the price is not an issue, good quality as most important. Buy brand-name is fancy them durable, buy a 2000 package of money to spend 10 years, the quality is far better than buying a general package, no access to long to throw away. ”
A unique group of new rich
Which groups of China to the world runner-up the throne of luxury goods? McKinsey Global Institute’s report “Interpretation of China’s affluent consumer group,” says living in the first line of China’s four most affluent cities (Shanghai, Beijing, Guangzhou and Shenzhen) and the total number of affluent consumers account for about 30% of the country, live In the most affluent of affluent consumers in 10 cities account for 50%. In the U.S., the figure is 25%.
Report, “China’s affluent consumers” refers to the family income more than 36.5 thousand U.S. dollars a person, the income level has the spending power and the annual income of about 10 million U.S. households fairly. These Chinese well-off families, the average annual income of about 8 million, representing 1% of Chinese cities in the highest income earner.
Recently, Hurun List issued the “2010 is still superior to the products – tens of millions of wealthy Chinese brands tend to report.” Which shows that the average age of China’s richest 41-year-old, mostly men, an average of three cars, 4.4 watches, jewelry collections, ancient calligraphy and contemporary art is their hobby. In addition, the billionaire in the 1 / 6, plan to buy a private jet, half plan to buy yachts.
Survey shows that men spend more than women, wealthy more wealthy; richest men spend the largest consumer tourism, while wealthy women, the largest luxury goods consumption in the household. In this regard, Hoogewerf said: “We may think that more women than men to spend more on luxury goods. But from our point of view of the annual amount, but it is the opposite. More fun is that, like Earl, men especially like, ladies and their feelings in general, its consumers are men, but users are mostly female. ”
Turning to China’s emerging affluent class unique, deputy director of the McKinsey Global An Hongyu, said: “China’s affluent consumers, the average age is much lower than the world average, almost a well-off families younger than the United States 20 years old, younger even than Japan more. “In China, 45 years of age accounted for 80% of the wealthy group, while in the United States this figure was only 30%, Japan 19%.