Analyze the Growth of Chinese Luxury Marketing in the Last Decade and Identify Opportunities of Continued Increase
For a long time, people wealthy have passion for the luxury products recognize themselves as certain status and satisfied themselves for joy. As a result, the ‘luxury goods’ concept appeared and developed. Actually, the definition of luxury changed in last decades. At first, luxury goods were described as that something is more expensive than other non-luxury item but less functional advantage (Dubois and Duquesne, 1993). Later, the definition appeared at the early 21st century: luxury goods refer to “things you have that I think you shouldnt have” (Twitchell, 2002, p43). Based on the above concepts, many things can be considered as luxury goods, such as private plane, expensive cars, luxury yacht, and so forth, but in this essay, the scope of luxury goods is narrow: focusing on jewelry, watch, leather goods, and up market ready-to-wear clothing, which things were representative in China current luxury marketing. And the article will attempt to analyze the growth of Chinese luxury marketing in the last decades and identify opportunities of continued increase.
First reason of Chinese Luxury marketing growth is economic growth of China, which stimulate consumption of the luxury goods. According to Gross Domestic Product (GDP) data from World Bank, a comparison between China and other countries was drawn (Graph 1). It indicated the GDP growth of China from 1998 to 2011 was far more than that of other countries. It achieved almost 15% in 2007. Even during the economic crisis, the growth was nearly 10%.
Atsmon, Y., Dixit, V., Leibowitz, G. and Wu, C., 2011. Understanding Chinas Growing Love for Luxury. [online] Available at: < Atsmon, Y., Dixit, V. and Wu, C., 2011. Tapping China’s luxury-goods market. [online] Available at: <