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"Made in China" Luxury Goods
January 08, 2009
Although China ranked 3rd in luxury goods consumption worldwide in 2008, concern over country of manufacture appears to be increasing among Chinese luxury consumers. According to World Luxury Association's "Global Luxury Report" 86% of Chinese luxury buyers feel negative toward international luxury brand items that are "Made in China."
While the desire for status symbols has become stronger in China over the past 30 years, according the report, the "Made in China" label appears to raise doubts about product quality possibly "cheapen" them in emotional value - crucial factors in the purchase selection process for luxury buyers.
According to the report, European luxury brands are expected to have an increasingly difficult time selling products "Made in China" products within the country. These brands could face the decision of reducing selling price or finding new ways to leverage brand value to maintain status and price for their products both manufactured and sold in China.
According to the report, Chinese consumers' opinions regarding the basic nature of luxury goods is solidifying. Associations with factors such as "high-price" and "foreign-made" are becoming stronger, and the notion that products "Made in China" do not hold equivalent value to those produced abroad also appears to be gaining pace among consumers.
January 8, 2009 Search China News
