Whenever have long holidays in China, Chinese overseas consumption became a focus of attention for foreign Media, and the total consumption is higher than before each time. During the Spring Festival, the Chinese luxury consumption abroad accumulative total of 7.2 billion dollars, up 28.6 percentages from a year earlier, hit a record high.
People always love big brand stuff which are expensive; they think that it can show their taste and nobility, so few people focus on cheap wholesale charms. What the main reasons why people especially Asians purchasing luxuries?
South Korea and Japan also unusual enthusiasm for European luxury purchases. And I found out that both in Seoul and Tokyo, the stylish girls carry Louis Vuitton bags in the street.
But South Korea shows a much more special preference for luxury than Japan. McKinsey said in a report last year, since 2006, the Korean market for luxury goods grew by an average of 12 percentages, by 2010, the scale has reached to dollors4.5 billion; it also said that South Korean’s consumer spending on luxury consumption up to 5 percentages of income which exceeds Japan’s 4 percentages.
Sometimes, I just think why Asians are so addicted to European luxury goods. In my opinion, it has some underlying reasons.
First, we have the thought of comparisons and we are more intense for luxury goods than the Europeans. The Asians find their own position from the social relationship. We consider that human is social and interdependent.
This makes us note the relationship with others. We always compare to others, while the Europeans are free and more independent than us. Generally speaking, they rely on themselves rather than others to their own judgment, which is very good for them.
The more important is that Asians are lack of self-identification for the luxury consumption complex. In my view, as we are lack of self-identification, we try to obtain an identity from external by purchasing luxury goods.
Although Asian countries have considerable economic development in recent years, we still have a strange longing to the Europeans. To Paris, for example, almost all Asians have an idealized emotion to it.
But we can’t ignore that Paris is really a beautiful city with an art atmosphere, but it is not as good as we imagine. But that is just my critical view.
After entering the 21st century, South Korea and China today show prominent achievements of economic development, while faces to the European countries, we always have a sense of shame. So the Asians need to have a self-identification, we need our own judgments according to ourselves, not just follow others with other’s visions.
For more information on Asia people’s luxury consumption.