Why is luxury market growing so rapidly comparing to Japan and U.S Essay

Why is luxury market growing so rapidly comparing to Japan and U.S - Essay Example At the moment, these luxury market industries have set their eyes on a newer and bigger target, which is China. By comparing China to Japan and the United States, we will be able to track since when it is this started happening and see if China is going to strive even more in the luxury products market. When these large luxury market industries started to move to China, this shows that; First of all, it shows China’s rapid growth of economy. Second, increasing purchasing power led to higher consumption. And third, luxury items became a symbol of wealth and social status, due to the emerging middle class. But many for the Asian countries, these luxury products also symbolize power in their social class. With luxury products on high demand and not only the rich buying them, these industries will strive further and greater in Asian countries. The enhanced consumption of luxury goods in China has also to do with the altering demographics. Since China has one child policy, so at pr esent the Chinese population comprises of a large number of young people being raised by an average of six adults. Thus these young people constitute a pampered lot who have access to a large purchasing power, which they afford to spend on luxury goods. Besides, the young generation is also better connected with the outside world, courtesy the internet, affordable air travel, overseas education and the media. So the young people in China want their consumption patterns to be in tandem with the rest of the world. Hence, the market for the luxury goods in China is expected to grow on a steady pace over the years. The companies that first took advantage of this rising consumption of luxury goods were the already established European brands. The young consumers in China associated these brands with status and power. In a contemporary context, the luxury retailers are spreading throughout China like a wild fire, eager to cash in on the buying power of the well settled young consumers. Th e scope for a luxury consumer market that was unthinkable 20 years ago has now emerged as a viable future with immense possibilities for research. 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