The paper "Branding Management in Chinese Luxury Fashion Retailing Market" is an inspiring example of a literature review on management. In the global context, China comes out as the third-largest consumer regarding the high-end fashions, accessories, and other luxury products. From a broader perspective, luxury goods refer to the products with the ability and potentiality to communicate elegance to the consumers, as well as the refined approach to living concerning style and quality. In most cases, the luxury products tend to target the high-end, as well as middle/high-end markets.
Evidently, China accounts for about 12 percent of the global marketing practices, which is just below Japan’ s 41 percent, United States’ 17 percent, and 16 percent within the context of the European nations (Amatulli and Guido, 2011). In the case of China, the luxury market provides a platform for the creation of more than $2 billion per year in sales. In the last decade, the Chinese economy did have the platform to experience 9.5 percent of economic growth (Ailawadi and Keller, 2004). The substantive growth or boom in the Chinese economy associates with the increase in the number of consumers of luxury goods, thus, the platform to oversee enormous growth and development of the Chinese luxury market.
The market tends to have the opportunity to oversee further growth. According to the previous researchers, Chinese luxury goods consumers exist in two categories. In the first category, there were wealthy consumers who tend to be crowd-averse while seeking to satisfy their needs for the procurement of personalized services. In this context, such consumers engage infrequent visits to the luxury retail outlets with the objective of procuring the newest, as well as the most fashionable products offering.
These consumers are not sensitive to the pricing systems or mechanisms because of their ability and potentiality to procure such products. Secondly, there is a group of consumers in the luxury retail market consisting of white-collar employees working for foreign companies in most cases. These consumers have the culture of spending entire monthly wages or salaries on the procurement of the single luxury product. According to the surveys by researchers in the modern context, these consumers tend to be between the ages of 20 and 40, thus, relatively younger compared to buyers of luxury products in the context of Europe and the United States (Degen, 2009). Evidently, men tend to become the traditional purchasers or buyers of luxury products in the Chinese market.
One the other hand, women tend to account for about 30 percent of the consumers procuring luxury products and services. The approach by women to achieve or realize greater social and economic independence enables them to improve their share within the context of the luxury market.
In China, consumers engage in the procurement of luxury products without much study or research. On the other hand, similar consumers in the context of Russia and other European nations focus on the real value of the products and services at their disposal (Atwal and Williams, 2009). Additionally, Japanese consumers prove to be discrete in comparison to their Chinese counterparts. Japanese consumers have the tendency of perceiving the purchase of luxury products as the manifestation of social status, as well as the achievement of financial success. Most of the nouveau riche consumers engage in the utilization of the material affluence towards impressing their friends, families, and colleagues, thus, the platform for the creation of distinction from the masses.
The Chinese consumers in the luxury fashion retailing market concentrate on the exploitation of the ‘ spend now and worry later’ culture or mentality in the course of procuring the luxury products. From this perspective, these consumers engage in buying the most expensive items with the intention of indulging in the newfound lifestyle.
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