Published on : May 19, 2017
Albany, New York, May 19, 2017: Globalization with increased disposal income per person has changed the attitude of consumer towards luxury. Market Research Hub (MRH) has analyzed the immense inclination of China towards luxury and has provided the result in the report titled as “Consumer Attitudes towards Luxury - China - May 2017” that has been freshly added to the company’s vast database. The researched report provides the detailed analysis of the China’s attitude towards the luxury products with some prime aspects of the market that can be helpful for the buyers.
Earlier, luxury was just connected with elite things like wines, champagne, designer clothes and sports cars. But, nowadays, people have become richer and thus their disposable income has increased in comparison to earlier generations, thus resulting in an inclined tendency towards fulfilling luxury needs. Luxury at present, states either a service or a good that is able to fill both functional and psychological needs of the consumer. Due to the steadily growing economy and globalized business environment, China has rapidly transformed into a huge market for luxury products.
The report starts with the overview that comprises the consumer and their desire to buy luxurious products with detailed figures defining their attitude towards luxury, luxury branded items, luxurious experiences, and likelihood to purchase these products across categories for the month February 2017. Further, it classifies the consumers into four segments based on their attitude towards life. The study also defines the issues and insights of Chinese consumer towards luxury, defining the evolvement of Chinese luxury consumers with its facts and implications.
The research study has shown the consumer perspective towards luxury by describing their changing interest in different luxury categories, the definition of ‘luxury’ has become loose and the emotion-driven marketing communications rule. The luxury consumers buying pattern are detailed further and compared to February 2017 and June 2016, the comparison includes consumers by monthly personal income, consumer’s age, gender, and region. Moreover, hard luxury is giving way to casual luxury with luxury products listed in the report varying from electronics, luxurious lifestyle products, home improvement products, and collection items.
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The later part defines the luxury brand purchase trend, the luxury purchase occasions and emotions associated with luxury.. Finally, the report concludes with the luxury consumer segmentation that varies from Explorers: positive-minded consumers who tend to say yes to every idea, Epicureans: big spender devoted to sensual pleasures, Budget Controllers: make smart purchasing decisions, rather than being stingy and Sceptics: not entirely sure about their preferences and desires.
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