It is interesting to observe the varying motivations for luxury consumer purchases in contemporary China.
Is the Chinese luxury consumer now aspiring to be like the Chinese faces modeling her favorite brands?
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Within the Chinese consumer market, I would like to focus on one group in particular, the luxury consumer market.
This group will take over as the largest generational segment in the luxury consumer market around 2018-2020, according to Unity Marketing.
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Sadove, chairman and chief executive officer of Saks Incorporated, who spoke at a Forbes breakfast a few weeks ago, is where the high-end luxury consumer is today.
Read more about the Chinese luxury consumer here.
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We will have to wait and see what other forms of luxury consumer behavior develop as China chases Japan to attain the number one spot on the list of global luxury consumer markets.
Corresponding to the decline in luxury consumer confidence, the average amount spent by affluent consumers on luxury goods and services in the second quarter 2011 declined by 8.4 percent from the first quarter and dropped 18.4 percent over same quarter last year, according to the survey.
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Buying luxury products or consumer coupons at high prices and selling them at low prices seems unreasonable.
They are also more interested in luxury and lifestyle consumer goods.
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Silvercar figured rental cars often failed to match what travelers had in their own garage, and the Audi A4 might be more compatible to the luxury-minded consumer.
Richard Perks, director of Retail Research at industry analysis company MINTEL, said Europe's luxury brands have remained relatively unaffected by reduced retail spending because the global consumer base for luxury goods is growing.
As a result it has been awarded luxury status by the consumer.
The economic climate in China in coming quarters may contribute to consumer behavior in luxury items.
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Even where American products lag, such as in consumer electronics and luxury sedans, the gap is narrowing.
Apple has the luxury of working only for consumer and small business customers.
The luxury brands benefit through the ideas generated from young consumers, particularly through the use of technology, and they gain a better understanding of what young consumer expect from a luxury brand.
The Vertu Ti (pronounced "tee-eye") emphasizes the value of "durable" over "disposable" materials that a consumer might expect from the luxury category, added Oosting.
It comes as the CEO's from some of the biggest names in luxury meet in Switzerland to discuss changing consumer and business trends in the industry.
Comparable store sales increased 15% in Europe and Asia during the holidays, and with currency exchanges, the company still reported a 10% increase in net sales and an 8% increase in same-store sales, prompting the company to raise its guidance to include the unexpected consumer jump back into the luxury market.
As inflation becomes uncomfortably high this may negatively impact consumer spending, especially on discretionary luxury items.
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With China and India showing faster growth rates than Western economies, research analysts have been bullish about luxury, positing that even if the West slows down, a rise in consumer spending among the newly rich of China, India and other emerging economies will lift the luxury market.
Soda and other sweetened beverages are luxury items that offer no nutritional benefit to the consumer.
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Yet, most China consumer observers agree that the majority of luxury consumption happens outside of the so-called tier-1 cities of Shanghai and Beijing.
According to reports cited this week by iFeng (Chinese), e-commerce only accounted for about 2.6% of the total revenue in the Chinese luxury market last year, but owing to changing consumer attitudes towards online shopping, rising brand awareness and improved supply chains, the industry is projected to grow around 20% annually.
Just a year ago, many thought the luxury market would evade the worst of the downturn in consumer spending.
Sales of luxury goods, for one, could provide insight into consumer confidence.
Luxury brands such as BMW and Burberry continue to see strong consumer demand, and continue to post strong results.
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