Why Do Chinese Young People Prefer Luxury Goods?

With China becoming the second largest consumer of luxury goods in the world, luxury goods that have been high up are now entering the homes of ordinary people. Especially, more and more young people are becoming the fans of luxury goods.

The trend.

According to the World Luxury Association report, luxury consumers in China are on average 15 years younger than European luxury consumers, 25 years younger than the US.

Why do Chinese young people love luxury goods when the level of consumption is far below the level of Europe and America?

Consumption age sink

Miss Wu, a young white-collar worker who works in a foreign company in Shanghai, has earned over 10000 yuan a month. After buying a LV handbag from her first trip abroad the year before, the consumption of international luxury goods is not acceptable.

In the past two years, as long as she has the chance to go abroad, she will be able to shuttle herself to Taobao, her wallet and shoes.

Necklace, almost every piece is an expensive international brand.

Young luxury fans like Miss Wu have been on the increase in recent years.

"In the next 3 to 5 years, young consumers will become the main force in purchasing luxury goods in China."

Ouyang Kun, chief executive officer of China Representative Office of the World Luxury Association, said that luxury consumers accounted for more than half of the total monthly income of Jovan yuan, whose ages ranged from 25 to 28 years old.

From 2007 to 2010, the minimum age of luxury consumer groups in China dropped from 35 to 25.

However, Dean of the Institute of wealth studies

"It can only be said that the consumption age of luxury consumers continues to sink and expand, but it can not be generalized."

Luxury goods are divided into entry level, intermediate level and top level, but only 20% of the real core luxury consumers in China are, she said. But 20% of them decide 80% of the market, most of them are over 40 years old, and are not sensitive to the price of luxury goods.

But from daily life, we can see that 80% of ordinary consumers only consume 20% of the products, and most of these luxuries are entry-level.

Comparisons are serious.

Compared to the few rich people in Europe and the United States who are concentrated in luxury consumption over the age of 40, China's luxury consumer groups are growing.

"The most young consumers in the world are in China, and most of them are parents who give money to buy."

Ouyang Kun said that in the west, he bought his own economy independently, while the first and second generation entrepreneurs in China failed to enjoy their lives too much and then passed on to their children, leading some pupils to use the best mobile phones, the best schoolbags and the best pens.

Luxury consumption is "young", and a big factor is the comparison between the rich two generation. They first compare themselves with luxury goods and then compare their wealth and social status.

In Europe and America, few parents buy their children extravagant consumer goods.

China's first generation of rich people are different. They want their children to enjoy them.

Ostentation and competition have been widely regarded as the biggest reason for young people to buy luxury goods.

Zhou Ting said, because luxury itself has a social attribute, or there is a philosophical symbol, called class segregation.

This class segregation can cause people to compete with each other.

Irrational consumption hurts others and harms oneself.

Yi Shaohua, an Associate Research Fellow of the Chinese Academy of Social Sciences Financial Strategy Research Institute, believes that because of the relatively short time that luxury consumption has entered our country, the consumer psychology of our consumers is not mature enough and is not matched with the growth rate of wealth. There is not enough rational thinking in the consumer field, and generally exists in unreasonable, unplanned consumption behavior and consumption patterns that follow the trend and follow the trend.

Luxury consumption culture has influenced the society by means of commodity advertisements, various fashion activities and media rendering, which has aggravated people's psychology of material worship.

Young people are more prone to irrational consumption behavior because of their curiosity, conformity and competition.

Nowadays, many young people buy luxury goods through frugal savings under the condition that the economy is not well off. This kind of consumption behavior is not desirable.

Ouyang Kun said that, especially when these children had not created value, they began to misuse their value, and lost their motivation to create value for a long time.

And their thinking may affect several years and decades.

Therefore, the whole society should encourage young people to correctly understand luxury goods and establish a rational consumption concept. If you do not have this level, you have to consume luxury goods beyond their capabilities, which will both harm and harm themselves, and also have a negative impact on the social atmosphere.

In addition, Zhou Ting believes that luxury is just a carrier, and we can not simply refute luxury goods, but to see its driving role in social and economic development.