Luxurious Consumption in Contemporary China Custom Essay

Luxury consumption has its roots in the European front, where most of the luxurious companies have set-foot on well established markets in Europe and America. The recent recession has sent some of these companies such as the Hermes and Swatch to seek out new markets. Asia and specifically China is one the markets that these companies have sort refuge given the increasing buying power, associated with economic boom in the country. Luxury trends have been on the rise, with the affluent Chinese going for the best the market has to offer. In the past year alone, the Chinese consumption was at a record high of about 46 billion on luxuries, in U.S dollars. 27 of these billions were spent abroad, while the rest 19 billion were spent at home in the Chinese market (Dirlik & Meisner, pg. 366, 1989). The Chinese market was not hard hit by the recession, as such; the luxury spending is set to push the economic recovery much higher and faster than any other markets.

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