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Research of China's Luxury Goods Market- How Chinese Enterprises Get out From "Made in China" to Create Domestic Luxury brands
Pages 20 (5020 words)
Literature Review Introduction China has undergone a continual surge in the buying power of its consumers since the 20th century (Ille and Chailan 2011). Chinese consumers have attained increased wealth over the years and have become more accepting of the retail formats of their Western counterparts.
Recently, however, with an increased spending power among Chinese consumers along with reduced government restrictions, luxury brands from foreign countries have experienced the pressure of strengthening their commitment to Chinese mainland to maintain competitive advantage and avoid losing to rivals. Luxury is a subjective concept that is constantly developing, hence its varied definitions. Nonetheless, luxury has typically been used to characterize a state of great comfort or a desirable item (Park, Rabolt, and Jeon 2008). Luxury brands significantly differ from others in such a way that these entail a premium with no clear benefits over their counterparts. However, consumers remain willing to pay for a significant price as such brands exhibit unique attributes in terms of reputation, quality, and recognizability. Luxury brands do not only express high stands of superiority but also represent a social code that suggests access to desirability and exclusivity. The luxury market has, thus, gained considerable interest from many due to its representation of a hedonistic and somehow irrational form of consumption with which individuals purchase goods for the pleasure these provide regardless of financial costs (Phau and Teah 2009). ...
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