Chinese Presentation for Group 8 Chinese Luxury

8/14/2019 Chinese Presentation for Group 8 Chinese Luxury

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Chinese LuxuryAn observation of the lifestyles of the upper class in China


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The number of millionaires

Between 2007 and 2008 the number of millionaires in China grew by 20.3percent.

The estimated number of millionaires inChina is approximately 415,000 The rate of growth in millionaires inChina greatly exceeds the average of 8.7 percent in the other 9 majormarkets, including other powerful Asianmarkets such as India and Japan.


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Where do the Rich Live?

Typically the rich (million plus wealth) havechosen to live in gated and securedneighborhoods in Shanghai and Beijing.

These neighborhoods have names likeNapa Valley, Palm Springs, Long Beach,Park Avenue etc.

Average cost of these new single familyhomes are on average $800,000.Western influence: Spanish Arches, Greek


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Forest ManorShan hai

3 million dollars which is double the price it was 2 years


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Would you want to mess with these two?Gates to Private Communit in China


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The Wealthy mind set

Much like what is viewed as the elitist attitudesof the American rich, China also seems to havea similar social divide.

The Dark side to Chinas new wealth: Envy,insecurity, and social dislocation. Class divisionis apparent in a society that long claimed tohave eliminated economic classes.Remember 18 % of Chinese still live on lessthan $1 a day.China is viewed as one of the most unequalcountries in terms of income distribution in the


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But getting Rich is Glorious right?

Deng Xiaoping thought so Being sighted by a survey of Chinasrichest was once considered a deathlist which lead to heavy taxation andsometimes jail for alleged tax evasion.China is now embracing its wealthierpopulation as the source for furthereconomic progress.


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Flaunting Wealth in China

Film Producer Wang Zhongjun in his sculpturegarden


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The growing Luxury market

About a decade ago China captured onlyabout 1% of global sales of luxurygoods.

Today China is the Third largest high-endbuyers on earth with 12% of world salesIt is estimated that within a decadeChina will surpass Japan and the UnitedStates as the worlds top luxury market.


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Chinese Upper class Tastes

Custom clothes Armani, Gucci, CanaliWatches (the real ones) Rolex, FranckMullerExclusive club membershipsA growing interest in ancient scrolls,antiques, and paintings. 20% of HongKong auction buyers are from themainland, up from nearly 0%

artici ation about a decade a o.


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Ivory-coated mobile phone


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A Change in the attitude towards the wealthy

The Chinese upper class as of the lastdecade are more confident in thereposition in society.

Symbols of wealth are acceptable anddesirable.We are more accepted by the media,government, and society today. ~Wang Zhongjun


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IS the growing wealth and luxury market good forthe United States?

Yes, as long as United States companiesseek to capture the markets in China.Back to comparative advantage: TheUnited States economy is built on high-end merchandise.Balance of Trade: The luxury market is agreat way for the U.S. to balance thetrade deficit with China.


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DO you think the Chinese upper class is muchdifferent then those in the


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Sources

GLOBAL BUSINESS. (2006, Feb 6). Business Week. Retrieved from Business week magazine:http://www.businessweek.com/magazine/content/06

_06/b3970072.htmXinhua News Agency . (2008, sept 26).China.org.cn. Retrieved from China's upper classrises again :http://www.china.org.cn/living_in_china/news/2008-09/26/content_16539186.htmZhao, Y. (2004, Feb 29). The New York Times . Retrieved from Week in Review:http://www.nytimes.com/2004/02/29/weekinreview/correspondence-class-consciousness-china-s-wealthy-live-creed-hobbes-darwin-

Chinese Presentation for Group 8 Chinese Luxury

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