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China Luxury Market Apparel

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  • Post Date 2018-11-07T11:25:24+00:00
  • Post Category Essays

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China Luxury Market Apparel

China Luxury Market Apparel

INSTRUCTIONS:
I need to have some information about the growth in the elite class in China, their buying power in the luxury goods market, specifically in retail apparel brands such as Louis Vuitton, Gucci. I also want to see what other Chinese domestic apparel brands are well demanded in China. Potential of the growth in the market size, such as the increase of elites within the population. Please include as much facts as possible and try not to state obvious content to fill up the length requirements. Thank you!
CONTENT:
China Luxury Market Apparel Name Instructor`s name The course title The Date Institution When studying about the china economy it is evident that a rise in the middle class with high spending trends is lacking. Instead, state-owned firms, state-led investments, and large gap of inequality dominate the economy. Instead of the middle class living in towns increasingly, they are divided into small upper class that has a trend of spending freely on luxury products and services, the other population`s earning and savings are drained by state deductions in addition to inflation (Pierre & Pras, 2011). Pendle & Stiles (2009) assert that, alongside the China growing economy, there is high consumption in things such as jewellery, cars, clothing, leather goods, furniture, and construction materials. There are things that are associated with the high spending class; these consumer goods take a third of all the retail consumption in China. The spending trends of luxury goods are currently on the rise; consumers are becoming more brand-aware and status conscious in the markets, hence luxury apparel is becoming a focal point for mid-to-high priced retailers. The consumer of apparel products evaluate the renown brands more favorably as they become more value and status conscious, indicating that luxu...

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