What Drives Chinese Into Buying Luxury Goods in the 21st Century Essay

What Drives Chinese Into Buying Luxury Goods in the 21st Century - Essay Example Chinese consumers buy the products within China and also from other countries as tourists. A rapidly growing upper and middle class are seen as bent on enhancing their individuality by buying luxury goods, according to a report from McKinsey&Co (2011). China has been reported to have already overtaken the United States and Japan in terms of luxury items purchases (Vickers & Renand, 2003). China has worked hard to achieve economic prosperity, producing current generations of millionaires. Accordingly, this generation has been spending a large amount in the luxury market day by day and Chinese are becoming more dynamic and active buyers in the market (Lu, 2012). China has emerged as the biggest purchaser of luxury goods in the world market. Chinese consumers are showing considerable interest in buying luxury goods these days, and this has not been left unnoticed by the global luxury market (Frank, 2013). The United States, Japan, and Europe, who have been the top consumers of luxury goods, are indeed quite surprised with the growing appetite of Chinese for luxury items. Nearly all Chinese visiting Paris have bought expensive bags without looking at its price tags. They are also buying other luxury items like goggles, cars, shoes, and many others. Luxury goods refer to all those branded products unreachable by ordinary people. The rich and senior citizens comprise the bulk of overseas luxury buyers and item collectors. To them, luxury items are products of cultural essence, and obtaining them means owning a piece of culture. There are three groups in China buying luxury goods: those who are considered as spectacularly rich, the young urban professionals and people who want to gain some sense of satisfaction, and some shady characters composed of blackmailers or illegal groups who have smuggled luxurious goods into the country. China’s growing