From Chinese Press

Luxury market trend disturbing

(China Daily)
Updated: 2011-03-10 09:01

The latest survey of the World Luxury Association (WLA) shows China has surpassed the United States as the second largest luxury goods consuming country, and the average age of Chinese luxury consumers is 25 years less than their American counterparts, says an article in Qianjiang Evening News. Excerpts:

Consumers of luxury products in China are younger than their American counterparts because they depend on their families' money to lead a luxurious life, which is not a surprise.

The surprising phenomenon is that, according to some brand agencies' reports, some young people with a monthly income of between 3,000 to 10,000 yuan ($457 to $1,522) have a very strong desire to buy luxury goods. They save money for months just to buy a luxury brand.

Such a consumption pattern reflects that the symptomatic or symbolic value of a product for the buyer is much higher than its use value. Such consumers need not know a brand's history or culture. They are out to prove that they are above the average person and define their social status with luxury brands.

Another WLA report on Chinese people's psychological tendency to buy luxury brands says that more than 70 percent young Chinese consumers buy luxury goods just to show others they can afford well-known brands.

Consumption culture is affirmation culture. It provides delusional happiness to cover up regrets. In a sense, people who become slaves to luxury brands without being really rich do not enjoy inner joy.