Chapter 65 10. China, the paradise of luxury goods in the world

When I first came to Beijing 11 years ago, the sky was gloomy and gray due to pollution, and the air was hot and humid. Apart from the enthusiasm of the Chinese people, I couldn't speak highly of anything else. Back then the country was nothing like it is now, with a capital with backward facilities and no western consumer goods such as cafes, bread, cheese, etc. First-timers looking for rare ticket vending machines, lodgings, Western restaurants, vintage cars, unbelievable fleets of bicycles, and cheaply dressed pedestrians. During the high temperature in 2000, Beijing residents spread mats on the ground to sleep on them, and used private landline phones for long-distance communication. In 10 years, everything has changed!

Since then, factories have been relocated, destroyed or refurbished, and new grandiose buildings have risen against a bluer sky, as in a televised spot for the 2008 Olympics. Very modern communities have emerged in China's metropolises, offering equipment, service adapters, business centers, high-tech industrial areas, modern offices, parks, sports fields, etc.Today people are pursuing various ways of leisure and entertainment, enjoying the photoelectric night and entertainment atmosphere - this is a changing society, a boiling society! More than a decade ago, many of my hardworking Chinese friends—whether they were middle-level managers, students, or teachers—neither owned a house nor a car.Now, many of them are living a well-off life.

They devote more time and energy to their families, go to clubs, theaters, museums, business districts and fashionable places, go for walks in charming parks, frequent shops and commercial centers, travel in Asia, Europe and other places... They have beautiful houses and lots of plans! After this period there has been no substantial change in the character of the Chinese, and they have always been so well-liked. Of course, individualism has also developed. Compared with this period, Chinese society has advanced. Social stratification, lifestyle changes, and rapid urbanization all show that Chinese society has advanced.

At the same time, the appetite for consumption, luxury and wealth prevails in China, and the Chinese people pursue a higher quality of life... For the first time in modern history, such a large country suddenly appeared and achieved great economic achievements so quickly.All this has become an important lever for the development and acceleration of China's entire country, and China will arouse international repercussions. In the past ten years, all kinds of luxury goods have entered the Chinese market and achieved great success! Today, China's booming consumer industry is underpinned, as is the luxury sector.All industries in the domestic market have huge developments that challenge judgment.This is not the American dream, not the French dream, but the Chinese dream!

Foreign luxury goods - from the smallest brands to the most well-known brands have settled in China, and the big brands are more common.The domestic market is showing more than ever that the Chinese economy is taking off (now and for at least 30 years). Cars from Volvo, BMW, Audi and others have replaced the old form of transportation.The traffic arteries and the quietest roads in the city are lined with the trademarks of Dior, Guicci and major banks, replacing old sheds. Whether walking or standing still, Porsche, Lamborghini, Aston Martin, Louis Vuitton, Prada and other international brands can be seen in the windows .People have become accustomed to this new world of affluence and modernity.

China and the World Twenty Years Later (11) Release time: 2012-07-30 Before the millennium, the Chinese looked at luxury goods more with a vanity and utilitarian perspective.Since then, China has changed dramatically, as middle-class incomes have soared and the resulting consumption has continued to grow rapidly. The concept put forward by Comite Colbert for Chinese luxury goods after research is: high value, high price, noble brand. I feel that Chinese luxury brands reflect a new art of living, linking creativity, sophistication, fun, education and history.The luxury industry is doing very well in China.Many famous ready-to-wear brands have developed in China, and the luxury market here provides them with unlimited prospects.Luxury goods are based on sociological differences, geographical differences and category differences.

We note that China has a well-educated propertied class group with international standards.The high-income young people in this group are quite different from the previous generation. They are between 18 and 30 years old, and they are consumers!This trend continues to develop, and luxury is popular, which has become the pursuit and demand of many Chinese people, including many younger people with income, who like branded clothing, luxury jewelry and so on. Luxury brands in China include: 2000: Versace and Vacheron Constantin came to China; 2001: Tiffany's first store opened; 2004: Giorgio Armani (Glorgio Armani) visited China for the first time;

2004: Cartier held an exhibition in Shanghai; 2005: Opening of the first stores of Patek Philippe and Valentino; 2005: Prada held an exhibition in Shanghai 2006: Rolex entered Beijing 2007: Fendi held a fashion show at the Great Wall 2008-2011: All the world's famous brands have settled in China More and more world luxury brands in all Chinese cities: Alfred Dunhill, Gucci, Luois Vuitton, Christian Dior, Zegna , Hermes (Hermes) and so on.The Chinese are making up for lost time.Luxury is the new hobby for this country. Owning a stylish car or beautiful luxury goods is a sign of social development.High luxury brands permeate everything: cosmetics, beauty care, fashion jewellery, new iPhones, designer watches, wine, glamor cars.

As for the Chinese people's favorite brands, people got a variety of answers in the survey, such as: Dior, Chanel, Louis Vuitton, Tiffany, Gucci, Lancome (Lancome), Clarins, Estee Lauder, Clinique, Audi, Mercedes-Benz, BMW, Bentley, Cadillac, Vacheron Constantin (Vacheron Constantin), Longines, Cartier, Piaget, Patek Philippe, Rolex and many more. Given the country's fiscal strength, astonishing economic take-off and growing consumer demand from the Chinese people, the answer is, of course, yes.BBDO believes that China will become a new paradise for luxury brands.Mainland China will become a market for top luxury brands!

47% of Chinese people think that their financial situation is better than a year ago. They have unprecedented passion for life and desire for wealth, just like dreaming the American dream, and feel that everyone has a chance.In addition, the survey also shows that China's prospects are promising, with 67% of Chinese people believing that their purchasing power will be higher in the coming year. The new social class likes to buy expensive luxuries. They buy exquisite houses, cars and travel, which were not possible before. Among these new consumers we should of course distinguish millionaires, most of whom have made their fortunes in real estate or other industries and are worth more than a billion or even tens of billions of euros...

As China grows stronger, the country becomes stronger and the people richer, and billionaires emerge.In addition to the elite, the affluent and middle classes continue to grow and grow in wealth.There are fewer and fewer poor people in China. Foreign companies come to China, which is rich, and persuade Chinese people to invest and consume across borders.The largest industry salons, international events and expos are being held in Beijing, Shanghai and Guangzhou. Today we can buy everything in China: shares in international groups, stocks, helicopters, private jets, foreign land, villas in California, residences in London, castles, French grape plantations, characteristic hotels in Paris... The rapid development will not stagnate in the short term... In 2010, 25 million Chinese consumers can afford luxury goods.Besides pursuing luxury, wealth, morality, pleasure and responsibility, the Chinese want to make up for lost time! Vuiton's turnover in the Chinese market accounts for 17% of the total turnover. Sales of the Rolls-Royce Phantom increased by 60% in 2010!Experts predict that by 2015, China will become the world's fourth largest luxury consumer market.This is natural, and after that the Chinese must be the world's number one luxury consumer. Of course, there is still a large income gap in China, and many people are still struggling to reach a moderate standard of living.But more and more people have higher and higher purchasing power, and the Chinese are gradually moving towards a well-off life.