Chinese young people are influenced by the American culture; believe that their contribution to China economy and the society is immense. The consumption of luxury goods among the young consumers reveals brand culture acceptance, and buying power. One could see the booming scene of luxury goods market, with the Chinese middle income group, for personal items such as clothes, perfumes, watches and leather goods which act as a symbol of status and wealth.
The youngsters in China belong to the new class of the nouveau riche who have begun to work hard, and have begun to capitalize and make money in an oppresive communist regime. The Chinese governent too has been surprisingly supportive of this wealth generation which has left the agrarian masses suspicious. The common people of China equate wealth with corruption and that shows a lot about the culture that they grow up in. Hardworking yuppies who make good money, and spend it on luxury goods have become the punching bag in this Far-eastern nation.
According to Hurun Wealth Report In April, as 960,000 Chinese possessing personal wealth of 10 million yuan, Under forty years of age, 56 Chinese billionaires, China is not only a producer, but also a potentially purchaser as 420 million are 25 years old who is 15 years younger than that of American counterparts, and could be doubled by 2015. There are one hundred and fifty million Chinese who are poor widening the gap of economic inequality. Hurun Wealth Report has caused discontent among the poorer people who automatically assume that if you are wealthy, you have to be doing something wrong. This is one of the reasons why the Eastern countries pull themselves down when it comes to wealth generation.
You could read our previous article about China Luxury market.
Via: Globalspin
