China is fast becoming a luxury goods market of the world although it has t grapple with an image issue. The issue with image comes from the attitude that Chinese goods are all inferior. While someone may wonder how this has to do with the import market, it has a lot of impact. There are some parts of the world which will not allow the entry of Chinese goods into the market because of the said misconception and this may be affecting the inflow of goods into china. Its competitor when it comes to the consumption of high quality goods is Japan.
Some of the luxury goods consumed in this luxury goods market range for electronic goods, fashion and perfume. The trends in china are affected a lot by the European and American fashion. Thanks to the Chinese population. This market has a lot of potential and in the years to come is projected that it will become one of the most demanding markets in the world.
The current trends of selling luxury goods market goods to the new rich as a marketing strategy has been used on the Chinese. This is because a good number of the new rich come from this country. With the success of the economy and the improvement of trade and commercial ties all over the world, business is booming in china.
A lot of luxury goods brand owners do not want to slip into the ordinary goods category, and that is why they will not reduce the prices of their items in the luxury goods market. They will only make them available to the rich and famous by controlling the flow of these items in the market. This is where the new rich come in. since they love flashy new cars, shoes and fashion; luxury item vendors use them to market their brands.
China is a luxury goods market brand for Gucci, Mercedes Benz, Cartier, Louis Vuitton, Omega, Martell and many other brads of clothes jewelry, cars and alcohol. With the business opportunities in china increasing, a lot more people are moving into this country to establish businesses and with this movement and interaction of cultures a lot more people will be making purchases of luxury goods in china in the years to come. They will have overtaken the US and European countries.
It is said that even at the height of the financial crisis in 2009, the Chinese were still buying and the increase in the 2010 has been because a world that has recovered from the crisis.. For those who have thigh end brands to sell, the Chinese market is the luxury goods market you want to end in.
There are some markets in china which have been taken over by luxury brands like Italian clothing brands etc. if you are planning to start a new brand in the Chinese market, you need to know your competition and look for means of marketing your goods. You need to offer luxury good to a niche luxury goods market so that you do not have a lot of competitions to start with.
This article was written by Alexis.
Tags: china, Luxuries, luxury goods market