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Chinese Consumers Shift View on Luxury Goods

Photo Credit: feiyuezhangjie/Shutterstock.com
China is seeing a noticeable change in the way its consumers perceive, and most importantly purchase, luxury goods in just the past couple years. Back in 2011, the country’s luxury market grew 30 percent in contrast to the mere seven percent in 2012, according to Bain & Company via Red Luxury. Where Chinese buyers were perhaps frivolously spending on high-end items, purchasing one-fourth of the world’s luxury goods in 2012, they now appear to be thinking much more realistically about quality and function, and not merely the label. With saturation possibly to blame, major luxury brands have been compelled to bring back an experience to their clientele. Instead of opening more storefronts, brands are moving toward providing memorable customer service and exclusive products that can't be found at every location.

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