Reasons For Buying Luxury Goods

Decent Essays

Their average monthly consumption times are more than twice, and the consumption cost is also the highest in all age groups. The China Daily newspaper has reported that, younger Chinese luxury goods consumption has become a trend. In their survey of Chinese youth luxury goods consumption, more than 60% of young consumers indicated that in order to pursuit fashion and taste, they are willing to pay big bucks to buy luxury goods (Wu, 2014).
Miss Wang worked for a foreign bank branch in Beijing Financial Street; she is a typical white-collar worker in Beijing. Her one-year total income is approximately 300,000 yuan (Around 30,000 Pounds). Miss Wang is only 29 years old, but purchase luxury goods is a very common thing for her. Due to the view …show more content…

I think the reason for this is vanity, but the young people passion on luxury goods also cannot be excluded.
According to the report of China Financial and Economic News (2015), Miss Lu is a 22 years girl which working in and advertising company in Shanghai. Her monthly income is 6,000 yuan, but she is holding a Louis Vuitton bag that cost more than 20,000 yuan (Around 2,000 pounds). Miss Lu said that, in order to buy this Louis Vuitton bag, she has saved money for several months. In the months for saving money, she ate instant noodles in most of the days, and stick with free bus transportation to save Metro ticket money. Furthermore, the questionnaire result has also shows that, for young consumers, the main purpose of buying luxury goods is to reward themselves.
In addition, China 's young rich and the rich second generation are the main promoters of younger luxury goods consumption. China Finance has reported that, the US and European luxury consumption are concentrated in over 40 years old people. However, young Chinese luxury consumer groups are rapidly growing up (Rebaca, 2013). Furthermore, Wu Jin has said that (2013), the youngest of the world 's luxury consumers in China, and they are spending their parents money to lives luxury. Many Chinese parents think that since they were very poor in their childhood, then they want their children have a better quality of life. Young rich luxury

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