Luxury Market in China

Alicia Cabrera Larkin GBE 790 Doing Business in china Final Paper February 2011 chinawares sumptuousness Market, 30 days in the making: How Chinese governmental policy and tradition over the last 30 years created mainland Chinas insatiable appetite for luxury goods China is positioned to become the worlds largest luxury market in five years and a study by Datamonitor inform Chinas luxury goods market was worth $9.4billion by the end of 2009, which accounted for 27.5% of the worlds luxury goods market.[1] They overly forebode that by 2015, Chinas market will be valued at $14.6billion. The main driver of this fruit in the luxury gods market is the extreme riches creation that China has experiences in the past ten years as its gross domestic product has grown 10% annually on average, which is three generation more than the global GDP. Investment Week quotes a juvenile World Wealth Report by Merrill Lynch strong-armer Gemini stating that there are 477,000 Chinese millionaires and China is also leading the world with the number of billionaires (Investment week.[2]) The combination of the staggering growth of the Chinese economy creating such great private wealth and the political and social evolution China has gone by means of over the last 30 years has created a tidal wave of opportunity for luxury retailers.

Politically, China has gone through many changes over the last thirty years that has fix the economy and citizens for a surge in individualism and the vanity in the ability to afford and purchase luxury goods. In 1976 Mao Zedong passed away and in 1979 the One Child insurance policy was introduced and applied by Chinas new leader, Deng Xiaoping. Chinas population was growing at an alarming estimate and in order to curb this growth rate, Chinese were restrain to having one child per household. Fast-forward thirty years and these only children, who seduce been raised by 6 parents, has created a little emperor moth mentality where their every desire it met, and is recently being take by Western goods.... If you want to get a amply essay, order it on our website: Orderessay

If you want to get a full essay, wisit our page: write my essay .