Acclaim or Alarm?
According to the Ministry of Commerce’s estimates, China will be the largest luxury market in this world by the year 2014, owning more than 1/5 of the total. Current data shows that China just goes on the heels of the United States and Japan.
The result from the World Luxury Association told us spending on luxury items in China was $8 billion last year, rising at an annual rate of 20 percent.
Luxury things used to be only shown in movies such as villas in Florida, limousines, top brand clothing, and private planes have begun to appear around us.
There is a online posting said like this: as we just start to solve the dilemma of three generations living under one roof, you now live in fancy villas; as we just start to wear gold necklaces, you are wearing diamonds; as we just start to drink beer, you are switching to 100-year-old Scotch whiskey. This description shows the luxury lifestyle belongs to the newly rich Chinese vividly.
The boom in China’s economy has accelerated the advent of luxury goods. Of course, luxury good themselves are not sinful. And individuals needn’t to be guilty for having bought them. The problem is it has only taken less than 1/3 time of the Western countries for China to become such a large market for luxury goods.
What is more important, in the west luxury consumption is propped up by a mature charity culture. People in the west also pay close attention to the charitable causes even if they have no worry about their material living. With the fast development of China’s luxury market, there is a tendency that wealth Chinese lack interest in charity causes. It would be better for China to embrace luxury good quickly after more of the wealth can be spread around.
It’s meaningless that not only the rich people but also wage-earners buy luxury goods. Some of them even did something they should never do to quench their desire.
For such a developing country as China, it is a kind of waste to consume luxury goods too early. Our culture and ethics are lost during the process. The title of “world’s largest luxury market” is an alarm for us rather than an acclaim.
Are you interested in the business opportunities in China?
China is one of the world’s great growth markets and is likely to be for many years to come. Foreign companies often face difficulties in assessing Chinese market demand and enacting effective strategies because of the language barriers, culture differences, and high expense.
BPOVIA is the leading virtual assistant and Knowledge process outsourcing (KPO) service provider in China. BPOVIA is the only virtual assistant company ever been nominated for the prestigious “Red Herring 100 Asia” Awards 2008. Combines international perspective with local know-how, BPOVIA can provide our clients China business development service and help our clients doing successful business in China.
Please visit http://www.BPOVIA.com/ for details about our service.
Popularity: 3% [?]