China'S Rich Are Not Interested In Domestic Luxury Goods.

China's rich are not interested in domestic luxury goods.

Foreign brands in Li Rong's cabinet

Every few months, the 32 year old investment analyst of Beijing energy company will buy luxury goods.

She said that the famous brand bags and shoes are of good style and are also comfortable to wear.

About 20 thousand yuan (RMB, the same below), Li Rong, the most expensive luxury item now has a value of more than 10 thousand yuan.

However, she never bought Chinese luxury goods.

When she interviewed, she explained: "the price of domestic high-heeled shoes is quite expensive, so I can buy international brands by adding 1000 to 2000 yuan.

If they are cheaper, I may consider buying. "

"Besides, domestic luxury goods such as the Siberian tiger are too high for them to wear or wear in the workplace."

Not interested in domestic luxury brands

It is not only Li Rong who is not interested in domestic luxury brands.

A survey report released last month by KPMG audit and consulting firm (KPMG) shows that the popularity of Chinese luxury brands is very low.

The company's survey of 1200 luxury consumers in China found that

The increasingly wealthy Chinese middle class and the Chinese rich are becoming the world's leading luxury consumers.

From the World Luxury Association and the China Council for the promotion of trade (CCPIT), China's 10 year "official list of the top 100 global luxury brands" has revealed that 2.5% of the total luxury goods sold in the UK last year were sold to China, while 67% of Italy's luxury goods exports are in Asian countries, and China is the largest exporter.

How to make Chinese people buy their luxury goods and domestic brand names has also become a topic of Chinese business and academic circles.

Meanwhile, surveys show that some Chinese brands are rising.

The World Luxury Association announced the top 100 luxury brands at the press conference two weeks ago. China's domestic brands "up and down" and "Sun Valley" have also entered the list of the ten largest innovative brands.

Hurun Research Institute also recently announced "the ten most valuable luxury brands in the world" - Moutai and Wuliangye respectively ranked fourth and seventh in the list, winning 12 billion and 7 billion dollars worth of other internationally renowned brands, such as Rolex and Cartire.

However, Zheng Haoren (25 years old), who is engaged in education and training, does not think that the list of brands represents them as a recognized luxury brand, but that Moutai and Wuliangye are only national brands.

He explained: "Moutai is not everyone's favorite wine, it can only be a gift at most."

China now has nearly two hundred million luxury consumers, the second largest in the world, second only to Japan.

The total consumption of luxury goods in mainland China last year reached US $12 billion 600 million, up 4 billion US dollars from 2009.

The World Luxury Association estimates that China is expected to replace Japan as the number one luxury consumer this year.