Understanding China, One Blog at a Time

An American in China

Chinese Buying Face – If You Make $18,000 Year You Buy Luxury Goods

Posted by w_thames_the_d on November 20, 2011

`The excerpt from below comes from here. It says that Chinese are buying tons of luxury goods. Supposedly half of all the gifts they buy are given as bribes, which says a lot about this place. In addition, as you can see below. it says that the Chinese buy the gifts to get face or respect. The bad thing is that half of the gifts are purchased by people who buy US standards are not well off.
I guess you could think that those Chinese you see with Luis Vitton bags are no different than those guys back home who wear all the bling, but live in double-wides or in beaten down houses with a pitbull tied up in the rear and half a dozen cars on blocks in the front as they show their buddies their new grill- dental work, as they pass a spliff…..
From here:
“The survey also found that the average consumption of luxury goods worldwide amounted to only 4% of the total personal wealth, but in China, some consumers, especially young people, allocated 40% or more of personal income to buy luxury goods.

According to the World Luxury Association’s survey, people with incomes above 10,000 yuan (US$1,573) per month account for more than half the total number of luxury good consumers. Further, these consumers’ average age is 15 years younger than European luxury consumers 25 years younger than those in the US. The survey shows that 73% of the brand-name goods consumers in China are under 45; 45% of them are aged 18-34. Of these young consumers, 70% say they only buy luxury goods for the purpose of attracting others’ attention.”

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