"Made In China" Is A Long Way To Explore The World Famous Brand.

Tong Minqiang, general manager of Hangzhou Tower, believes that China's luxury consumption is still at an immature stage.

He said that in Europe and America,

In the face of the rising luxury consumer market, some enterprises are actively exploring the creation of high-end local consumer goods.

According to the insiders, although "made in China" is trying to change its appearance, Chinese enterprises still have a long way to go to win the luxury consumers and succeed in the ranks of international high-end brands.

luxury goods market

In May this year, a joint report by Bain consulting and Italy luxury goods producers association said that if China's purchasing power of overseas consumers was included, China has become the world's second largest consumer of luxury goods.

According to the report, luxury sales in the US market increased by 12% in 2010, 6% in Europe, 22% in Asia, and 30% in luxury sales in mainland China.

According to a report released in June by the World Luxury Association, China is expected to become the world's largest luxury trade and consumption center in 2012, thanks to Japan's earthquake, China's domestic consumption growth and RMB appreciation.

The Hangzhou Tower in Hangzhou, Zhejiang is a high-end consumer goods shopping center.

Hangzhou Tower in the first half of this year sales of 3 billion, luxury goods accounted for about 25%, luxury goods sales increased by 23%-24% over the same period last year.

The wealth shopping center in Wenzhou, Zhejiang, is a luxury shopping mall in Wenzhou. There are also many direct outlets in the world's top brands.

Expert analysis shows that China's increasing purchasing power of luxury goods can boost consumption, and the expansion of international brands in China can lead to the development of the third industry.

But because luxury goods are all imported goods, the biggest profit consumers are foreign enterprises. The growth of luxury imports will increase China's trade deficit.

In the long run, China needs to build its own luxury brand, docking Chinese consumers' pursuit of luxury goods with the development of domestic manufacturing industry, and make China's "luxury fever" really "use it for us", becoming a booster for China's economic growth.

Conspicuous consumption

Tong Minqiang, general manager of Hangzhou Tower, believes that China's luxury consumption is still at an immature stage.

He said that in Europe and America, luxury is a symbol of high quality life. Generally, people who buy luxury goods are older, and are the upper class with a lot of wealth. However, in China, luxury consumers are mostly young people, largely to conspicuous consumption. Vanity is a major driving force for luxury consumption in China.

Ouyang Kun, President of the World Luxury Association in China, said luxury goods were regarded as a "social symbol" in China and a symbol of wealth, status and lifestyle.

China's new rich class, on the one hand, must show its economic strength and social status through luxury consumption; on the other hand, it should maintain and create a network of personal survival and development through ostentatious consumption.

Some Chinese office workers, who are far from well-off, are also frugal. They regard luxury consumption as a sign of identity, strength and taste.

Ouyang Kun said that conspicuous consumption is a major obstacle for local brands to create luxury goods. Compared with the cultural connotation of their products, design, and communication, Chinese consumers attach more importance to the brand itself.

Wenzhou Joe's clothing company is a men's wear brand that makes high-end suits. Shen Yingqin, general manager, said: "our people's consumption of international luxury brands is widespread.

The Shenzhen based fishermen's clothing is aimed at building an internationally renowned Chinese original brand.

Wang Fang, director of Zhejiang fishing area, told reporters: "one obstacle to the development of enterprises is the consumption psychology of people worshipping the world.

Many of our garments are of unique style and excellent workmanship, which are not inferior to foreign brands, but consumers generally prefer foreign brands.

Build independent brand

As a "world factory", China's cheap labor force makes foreign brands unusually heartbeat. Luxury brands are known in China as the foundry industry.

In Dongguan, Shenzhen, Wenzhou, Hangzhou and other places, countless factories are producing international luxury brands.

They are large or small, or direct orders or "two orders", or produce finished products or only do a certain process.

Some people in the industry believe that these enterprises that master the technology of luxury goods will one day become the founder of local luxury brands.

In 2003, Wenzhou Xia Meng company signed a joint venture with Italy Zegna group to form Sino Italian joint venture Xia Meng Yi Jie Garments Co., Ltd., a part of Zegna products.

"At that time, people were not very familiar with the concept of internationalization. Xia Meng seized this opportunity."

Chen Xiaoxiang, chairman of the board, said that in order to enter the high-end brand market, Chinese brands need innovation and talent besides sticking to principles and down-to-earth.

Chen Xiaoxiang believes that if we want to enter the international high-end brand market, we must first make China's own brand bigger and better in the Chinese market.

On the basis of adhering to the quality of products, enterprises should do well in marketing, brand publicity and promotion.

"In the future, the domestic brands that are manufactured for international brands will grow and grow, and their innovative brands will become an international brand."

Shen Yingqin believes that there is no real high-end brand in China at present.

"To help other high-end brands to do OEM, although we can only get very little processing fees, we should take a long-term view to help them to learn their excellent business models, operation methods and management tools, so as to promote their integration with the international market, which is of great significance for reference, learning and development."