According to an article carried on Beijing Youth Daily, the enthusiasm of Chinese young generation towards the famous-brand products has attracted the attention of global luxury goods producers. The analysis by insiders shows that the consumption on luxury goods and famous-brand products in China illustrates three distinct characteristics and changes.

Steadily expansion of the market of luxury goods for women

Melanie Flouquet, a researcher on luxury goods trade with JP Morgan, a leading global financial firm that meets critical financial needs for business enterprises, governments and individuals, said the market of luxury goods for women in China has now taken up 45 percent of the nation's total. However, two years ago, the market for men once accounted for 75 percent. The percentage does not necessarily mean that men are showing less and less favour toward famous-brand products. On the contrary, the luxury goods trade in China is still steadily expanding. It is estimated that 20 percent of the increase of global luxury goods will come from those developing markets of China, India and Russia, etc.

Transition from irrational consumption to rational consumption

Thanks to the steadily accumulation of knowledge on products, Chinese consumers have become increasingly smarter. "Chinese consumers have shifted their concentration from the famous-brand products alone to demand on style," said Flouquet.

Worldwide attention aroused by overseas high consumption

According to the statistics released by tourism departments in Australia, tourists to Australia from Chinese mainland have exceeded 100,000 from July 2003 to June 2004, ranking the first among all countries. The statistics also demonstrate that the per capita consumption by Chinese mainland tourists in Australia recorded 2,200 US dollars, and that of Japanese tourists, who have long been considered as ostentatious, was only 712 US dollars. Under comparison, consumption by Chinese tourists is three times more than that of Japanese tourists, and that is also the same story with Japan.

Prior to this, more than 20 European countries opened their tourism markets to China. What Europeans value in this regard is the huge consumptive ability of Chinese. Actually, the high consumption by Chinese overseas has so far caught worldwide attention.

By People's Daily Online