Why the Chinese are obsessed with luxury
1. Worlds largest consumer of luxury goods
The Chinese are the largest consumer of luxury goods, the new generation buy mainly luxury goods at high end top designer brands to affirm their social status and success amongst their peers. The Chinese are the biggest spending consumer at Harrods in London which is one of worlds most high end department stores spending over $279 million in store last year. They buy luxury brands not be to be different but to integrate with others. The Chinese particularly like French brands like Chanel and Loui Vuitton and wearing them comes with a sense of prestige. The Chinese obsession with luxury goods means they travel to western countries to buy Luxury as the import tax is extremely high in China so its there advantage to buy abroad.